Accra, 12th October 2024 – Arnold Parker, a prominent business executive and former CEO of Letshego Savings & Loans, took to Facebook to shine a spotlight on Ghanaian family businesses, highlighting their resilience and the key role they play in the nation’s economic landscape.
With over 20 years of experience in the financial sector, Parker’s insights delve into the legacy of multigenerational companies that have not only thrived but also left an indelible mark on Ghana’s business environment.
In his write-up, Parker expressed admiration for family-owned businesses that have stood the test of time, making significant contributions to the Ghanaian economy. He particularly highlighted Mechanical Lloyd, which, under three generations of management, became a well-recognised name in the business world and even debuted on the Ghana Stock Exchange (GSE).
“It made it all the way to the top over three generations,” Parker wrote, adding that the company became “one of the most sought-after stocks for a while.” However, he noted that losing the Honda franchise was a major setback. “Where is it today? Let’s hope it bounces back soon,” he remarked, emphasising the challenges faced by family businesses even at their peak.
Parker also commended Camelot, a family-owned printing company listed on the GSE and currently managed by the second generation. He acknowledged the company’s hard work and noted that family businesses often find success in transferring leadership across generations, helping to sustain their growth and impact.
Another business that earned Parker’s admiration is Intravenous Infusion Ltd., a pharmaceutical company with “great market potential” that has continued to thrive as a family-owned entity on the GSE.
Parker emphasised that listing a family business on the stock exchange can be a pivotal step in preserving its legacy. “Listing your business is one of the sure ways to preserve the business and grow the family wealth exponentially,” he explained, drawing attention to how going public can unlock new avenues for growth while safeguarding the family’s wealth.
Among Parker’s personal favorites was Nyaho Clinic, now in the hands of the third generation of the founding family. The healthcare institution, according to Parker, is “going strong and steady,” consistently achieving new milestones.
Similarly, he praised Kasapreko Company Limited, the makers of the iconic Alomo Bitters, describing it as “the biggest and the boldest” Ghanaian family business. Managed by the second generation, Kasapreko has become one of the most successful companies in Ghana’s business history.
Parker noted that while many family businesses may not receive widespread attention, they continue to thrive quietly across various sectors. He pointed to the bustling commercial hubs of Adum, Makola, Okaishie, and Abossey Okai, where second and third-generation family members now run long-established shops and trading businesses.
“We won’t hear about them because it’s their family business. Doesn’t have to be loud,” Parker remarked, emphasising the modesty with which these businesses operate despite their significant economic contributions.
In his concluding thoughts, Parker observed that Ghanaian family businesses represent one of the “most untold business stories in town,” but despite this lack of recognition, they continue to flourish.
Arnold Parker’s reflections offer a glimpse into the untapped potential and ongoing success of family-owned businesses in Ghana, many of which have become cornerstones of the country’s commercial and industrial sectors.
As these businesses quietly grow across generations, their impact on the Ghanaian economy remains profound and enduring.
Inspiring Net 