The International Finance Corporation (IFC), a member of the World Bank Group, convened its third Family Governance Workshop in Ghana on Tuesday, bringing together Ghanaian family owned businesses to address one of the most decisive factors for indigenous enterprise resilience, successful generational transitions that secure long term continuity.
Hosted under IFC’s Integrated Environmental, Social and Governance (IESG) Advisory program with support from the Swiss State Secretariat for Economic Affairs (SECO), the workshop forms part of an ongoing initiative to equip family businesses with governance structures for sustainable, multi generational growth.
Family owned enterprises form the backbone of Ghana’s economy, driving job creation, innovation and community development. Yet globally, 95 percent of family businesses do not survive past the third generation, often due to succession planning gaps, weak governance systems, unmanaged growth and unresolved family conflicts.
The workshop tackled the core enablers of multigenerational resilience including aligning family values with professional business systems, preparing next generation leaders early and intentionally, establishing structured conflict resolution mechanisms, and building governance frameworks that strengthen both the family and the enterprise.
Kyle Kelhofer, IFC Senior Country Manager for Ghana and Liberia, stated that family owned businesses are not just important to Ghana’s economy but are critical to shaping legacies that endure across generations. He noted that navigating generational transitions requires preparing next generations to lead, supporting incumbents to let go, and ensuring succession happens smoothly and intentionally.
Kelhofer continued that this improves operations, preserves wealth and even enhances access to finance. He emphasized that family owned businesses remained central to growth across global markets from Western Europe and Africa to South Asia and East Asia, and must be supported to transition successfully across generations.
Participants ranged from first generation founders to third generation leaders. Common themes discussed included succession anxieties, maintaining entrepreneurial drive, establishing governance structures that preserve family harmony, and reconciling business needs with family expectations.
Drawing on international experience, lead facilitator Moez Miaoui highlighted the universality of these challenges. He stated that whether working with a first or fifth generation business, the patterns are remarkably similar, adding that family governance is fundamental to sustaining enterprises that drive job creation across Europe, Africa, South Asia and East Asia.
Miaoui emphasized succession as a two way process, stating that successors need to convince you they are ready and you need to convince them they want to take over. He noted it is a two way street, adding that passion cannot be forced but must be cultivated and transferred authentically.
Kelhofer underscored IFC’s confidence in Ghanaian family businesses to grow regionally and globally. He stated that Ghana has outstanding family enterprises that could become major regional players and cross sector champions, adding that they reach a point where they can either remain small or scale, creating opportunities for growth, investment and legacy.
The workshop, the third in the ongoing series, reflects strong demand from Ghana’s business community. Kelhofer noted that like going to the gym, governance improvement is something stakeholders work on regularly, adding that feedback shows participants keep returning, demonstrating the value of these sessions.
The workshop format combined expert facilitation with peer to peer learning, enabling participants to share experiences, explore practical strategies for succession planning, conflict resolution and wealth preservation, and implement governance frameworks that balance family values with business needs.
Reaffirming IFC’s long term support, Kelhofer stated that the organization stands ready to provide tailored advisory solutions and investment tools to help family businesses build stronger, more resilient enterprises for generations to come. He added that the mission is to help these businesses achieve beyond what they currently imagine, potentially becoming leading local corporates and even global players.
The Senior Country Manager explained that ensuring solid governance in family owned enterprises supported continuity and stability, which in turn strengthened operations and improved access to finance. He noted that the private sector accounted for about 90 percent of job creation, making the strengthening of family businesses essential to improving livelihoods and expanding opportunities.
Kelhofer stated that in many markets, it was family businesses that grew into major local corporations, operating across multiple sectors and eventually becoming regional or even global companies. He added that the IFC had always had a focus on supporting local corporates and has now increased its efforts to help Ghanaian family businesses expand, diversify and compete effectively.
The Senior Country Manager stated that stronger governance would improve business opportunities, strengthen market presence and enhance the ability to access finance for growth. He emphasized that IFC’s mission overall is not just to help businesses but to help create more and better jobs to improve people’s lives in Ghana.
Miaoui, who leads IFC’s Environmental, Social and Governance (ESG) Advisory in Africa, emphasized that family businesses are at the heart of Ghana’s economy yet too many remain exposed to risks that could be prevented with proper governance. He stated that succession planning and family constitutions are not optional but essential tools for protecting businesses, safeguarding jobs and ensuring that wealth is preserved across generations.
The governance challenges addressed reflect broader structural issues within Ghana’s business ecosystem. Recent Ghana Statistical Service data reveals that 92.3 percent of businesses remain informal and unregistered, making it difficult to track operations or provide targeted interventions according to a previous News Ghana analysis.
This informal dominance compounds governance challenges for family enterprises seeking to formalize and professionalize their operations. The workshop highlighted how governance deficits create ripple effects throughout Ghana’s economy, with family business failures potentially eliminating jobs and disrupting supply chains.
Banking sector representatives highlighted how financial institutions increasingly scrutinize governance frameworks when assessing companies for investment or lending. Businesses demonstrating clear succession plans and constitutional frameworks are viewed as more resilient and reliable partners, improving their access to capital markets.
The IFC previously hosted its second Family Business Governance Workshop in September 2025 titled Family Governance and Legacy: The Family Constitution Blueprint. That workshop focused specifically on family constitutions as guiding documents to clarify ownership rights, outline leadership transition rules and establish dispute resolution mechanisms.
Although not legally binding, such frameworks provide families with a reference point that reduces conflict and supports long term stability according to IFC officials. The second workshop featured case studies from other African markets where family constitutions have been used successfully to maintain cohesion during generational transitions.
With family businesses accounting for more than two thirds of Ghana’s private enterprises, IFC stressed that stronger governance practices are essential for their continuity and contribution to the national economy. Industry analysts note that family business governance reform aligns with Ghana’s broader economic modernization goals.
As the country seeks to attract foreign investment and develop more sophisticated capital markets, demonstrating strong corporate governance standards becomes increasingly important for competitive positioning. The IFC announced plans for continued support through additional workshops, advisory services and training sessions specifically targeting Ghanaian family enterprises.
This multi pronged approach aims to build comprehensive governance capabilities while addressing sector specific challenges. Recent developments suggest growing momentum around family business professionalization in Ghana with sustained international attention on governance reform initiatives across the continent.
The International Finance Corporation is the largest global development institution focused on the private sector in emerging markets. IFC works in more than 100 countries using its capital, expertise and influence to create markets and opportunities in developing countries.
In fiscal year 2025, IFC committed a record 71.7 billion dollars to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital according to official reports. The organization’s work in Ghana extends beyond family business governance to include financial sector development, infrastructure financing and climate finance initiatives.
