The International Finance Corporation (IFC) has urged family-owned businesses in Ghana to adopt stronger governance structures to ensure long-term continuity and growth, emphasizing that solid governance enables operational stability, better access to finance, and improved market competitiveness.
Speaking at the third Family Governance Workshop in Accra on Wednesday, February 11, 2026, themed “Passing the Baton, Preserving Purpose: Managing Generational Transitions,” Kyle Kelhofer, IFC Senior Country Manager for Ghana and Liberia, described family businesses as vital engines for job creation, private sector development, and sustainable economic growth.
The workshop series supports family enterprises in succession planning, preparing the next generation of leaders, clarifying ownership and management roles, and preserving wealth and legacy across generations. Participants were equipped with practical tools and strategies to strengthen governance and safeguard their businesses.
Mr. Kelhofer stated that family-owned businesses are central to growth across global markets from Africa and Western Europe to South and East Asia, and with sound governance, these enterprises can grow into major local corporations and even expand regionally or globally.
The Senior Country Manager highlighted that the private sector accounts for roughly 90 percent of job creation, underscoring the importance of supporting family enterprises to improve livelihoods and broaden economic opportunities. He explained that solid governance enables continuity, operational stability, and better access to finance.
Mr. Kelhofer stated that international best practices vary depending on whether families are actively managing or taking strategic oversight roles, but Ghanaian businesses can benefit by adapting global approaches during generational transitions.
Family businesses account for more than two thirds of Ghana’s private enterprises, according to IFC, making stronger governance practices essential for their continuity and contribution to the national economy. However, many family-owned firms remain highly founder-dependent with limited delegation of authority, creating risks not only for the survival of individual companies but also for the stability of the broader private sector.
A global study by PwC shows that only about 30 percent of family businesses make it to the second generation, and less than 10 percent continue to the third. The pattern is no different in Ghana, where most businesses struggle to remain viable after the founder’s exit.
The IFC emphasized that succession planning is becoming increasingly critical for access to finance, as banks and investors place greater emphasis on governance practices when evaluating creditworthiness or equity partnerships. Firms without clear continuity plans may therefore find it more difficult to attract the capital required for expansion.
Mr. Kelhofer noted that several Ghanaian family-owned businesses have the potential to become major regional players across multiple sectors. He stated that stronger governance improves business opportunities, market presence, and financing access, supporting expansion and competitiveness.
The Senior Country Manager emphasized that IFC’s focus is to help family businesses thrive, avoid premature failure, and build strong foundations for long-term growth. He concluded by stressing that IFC’s broader mission is to create more and better jobs to improve lives in Ghana, beginning with a strong and well-supported private sector.
Mr. Kelhofer stated that helping businesses grow sustainably starts with family enterprises, which are the backbone of the private sector and the economy.
The workshop formed part of IFC’s Integrated Environmental, Social and Governance (IESG) Programme, supported by Switzerland through the Swiss State Secretariat for Economic Affairs (SECO). The programme aims to help businesses embed sustainability, risk management, and corporate governance standards into their operations.
The IFC held its second Family Business Governance Workshop in September 2025 under the theme “Family Governance and Legacy: The Family Constitution Blueprint,” where governance experts emphasized that succession planning and family constitutions are essential tools for protecting businesses, safeguarding jobs, and ensuring that wealth is preserved across generations.
Moez Miaoui, IFC Acting Environmental, Social and Governance (ESG) Advisory Lead for Africa, stated at the second workshop 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.
Recent data from the Ghana Statistical Service reveals that 92.3 percent of businesses remain informal and unregistered, making it difficult to track operations or provide targeted interventions. This informal dominance compounds governance challenges for family enterprises seeking to formalize and professionalize their operations.
The IFC has invested more than two billion United States dollars in the Ghanaian economy over the last decade and continues to support training and advisory services for family enterprises through its ESG programmes.
The third workshop brought together entrepreneurs, business leaders, and governance experts to discuss practical strategies for managing generational transitions, clarifying ownership structures, establishing dispute resolution mechanisms, and building governance frameworks that outlive individual founders.
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 has announced plans for continued support through additional workshops, advisory services, and training sessions specifically targeting Ghanaian family enterprises, aiming to build comprehensive governance capabilities while addressing sector-specific challenges.
