Starting an insurance company from scratch was no easy feat – Dr. Duffuor shares challenges building his businesses

Dr. Kwabena Duffuor’s journey as an entrepreneur began in the mid-1980s, at a time when Ghana’s economy was facing significant challenges. Despite the difficult economic climate, he saw an opportunity to make an impact in the insurance sector.

“I set up my first company in 1984. Star Assurance was set up in 1984. I opened my doors in 1985, April,” Dr. Duffuor recounts. 

Starting an insurance company from scratch was no easy feat. Dr. Duffuor had to navigate regulatory hurdles, build a client base, and establish credibility in a competitive market. However, his background in economics and finance helped him develop a solid business model.

As Star Assurance grew, Dr. Duffuor faced the challenge of expanding into new areas while maintaining the core business. He explains: “We have so many companies out of Star Assurance. They are supporting me and doing what I’m doing.”

One of his most ambitious ventures was founding uniBank in 1997. As a new player in Ghana’s banking sector, uniBank had to compete against established institutions. Dr. Duffuor applied the lessons learned from Star Assurance to build uniBank into a major financial institution.

However, Dr. Duffuor’s business pursuits were not without controversy. When he became Finance Minister in 2009, he had to make difficult decisions that impacted his own companies. As he states: “I have to save Ghana before I save my companies. So I did that. Out of desperation. Ghana must be saved.”

This demonstrates how Dr. Duffuor had to balance his roles as a businessman and public servant, sometimes at the expense of his own interests. Despite the challenges, he maintained his commitment to Ghana’s development: “They believe that there’s a need for a change. It was for money to save people. We’ve achieved a lot.”

Throughout his career, Dr. Duffuor has faced and overcome numerous obstacles in building his business empire. His experiences highlight the difficulties of entrepreneurship in Ghana, but also show how determination and a focus on national development can lead to success.