Starting a business in Ghana as a young man is tough – HR practitioner

In an interview on Joy Prime’s The Brotherhood, HR practitioner Bestman Koku Phil shed light on the arduous journey young men undertake when attempting to launch businesses in Ghana. The seasoned professional emphasized the overwhelming nature of starting a business, particularly for young men in the country. Phil stressed that persistence is key, stating that young men cannot afford to give up on their entrepreneurial dreams.

One of the critical hurdles Phil identified was the access to capital, which he deemed as a significant barrier for young entrepreneurs. He pointed out that banks levy high interest rates, making it difficult for aspiring business owners to obtain the necessary funding to kickstart their ventures. Furthermore, Phil raised concerns about the insufficient support systems available to aid young men in securing capital.

Banks, he noted, often impose stringent prerequisites such as detailed business plans, collateral, personal credit scores, financial contributions, and personal guarantees, among others.

The absence of support from both individuals and institutions, according to Phil, exacerbates the challenges young men face when attempting to establish their businesses. Additionally, Phil expressed concern over the pressure that young men endure while striving to raise capital and carve out a name for themselves in the competitive business landscape. He highlighted the toil and perseverance required by young men as they strive to survive and thrive in the business world.

Despite the numerous obstacles, Phil urged young men not to lose hope and to stay committed to their ambitions. He encouraged them to remain determined and continue working relentlessly towards achieving their entrepreneurial goals.