Accra: It is now widely accepted that African countries, like those in the West, the Gulf, and Asia, cannot solve their developmental challenges without strong collaboration with a robust and resilient private sector. Globally, entrepreneurs create jobs, finance infrastructure through taxes and fees, and deliver practical solutions to local problems. Yet in many African countries, private sector development has benefited mostly privileged foreign firms, who are often backed by their home governments, while local entrepreneurs struggle with limited support, unfair competition, and regulatory hostility.
According to Ghana Web, in some cases, governments turn openly against their own businesspeople in a sad spectacle that was almost being normalized across Ghana. The hostilities are often rooted in suspicions of political differences and ties to adversaries, resulting in years of effort and budding ideas being grounded or destroyed using the state's mighty power. This unfortunate reality has been lived by many entrepreneurs in recent years.
For those who know me, it is clear I did not begin my business journey in cozy offices. I started my journey in the bustling Nima Market in Accra, trading rice, sugar, and cooking oil. During this time, I played every role necessary to sustain the business, from offloading rice and helping market women traders to acting as accountant, driver, and CEO. Those early years in the market shaped my outlook, which later became crucial when adversity struck nine years ago.
Trade teaches discipline, money movement, trust, and resilience in ways that life and classrooms sometimes fail. The opportunities at Nima Market grew into ambition, strengthening my belief that indigenous resources, if properly governed, could build institutions that outlast individuals. With support from committed partners, this belief and ambition translated into investments across various sectors, including media, finance, education, manufacturing, and services.
Every business created jobs, taking more families out of unemployment and giving them hope. Taxes were paid, and expansion plans were drawn. By 2015-2017, growth felt natural, if not inevitable. However, from 2017 through 2024, my businesses faced a prolonged period of contraction. Growth was grounded, operations weakened, and survival became the focus. Monetary losses turned into watching years of disciplined effort and dreams crumble.
A particularly cruel moment was when Class FM, part of our media platform, was destroyed by fire. This incident felt like more than a building burning; it was an attempt to incinerate a voice and its trust, and erase the dreams of a humble boy from the Upper East Region. In addition, I was subjected to prolonged prosecution and persecution, reducing my life to the courtroom and ultimately crumbling my businesses.
The collapse of Heritage Bank Limited was perhaps the most significant blow. Heritage was a licensed, operating bank with staff, depositors, assets, and obligations. The Bank of Ghana revoked its license, labeling me as 'not fit and proper,' a tag that had sweeping consequences. Banks closed my accounts, blocking me out of the formal financial system. Company registrations were blocked, and I was portrayed as a risk rather than an entrepreneur in distress.
Heritage's assets were later auctioned, and properties abandoned. This treatment felt unequal, and when inequality enters regulation, confidence exits the system. The human cost of business failure is often overlooked. Businesses are institutions filled with humans whose dreams and hopes depend on their survival.
For seven years, I watched people who trusted my leadership struggle with uncertainty. This experience taught me that optimism does not replace sustenance, and legality and compliance alone do not guarantee protection. Resilience is about enduring without surrendering values and life goals. Young entrepreneurs should build with resilience and document everything, preparing for unexpected reversals.
I do not regret building, only the innocence with which I assumed good faith was permanent. This experience serves as a reminder that business confidence is fragile, and indigenous enterprise should not be collateral damage. When one business is weakened unfairly, it discourages young people from pursuing entrepreneurship.
Despite the challenges, I am still standing, believing in Ghana and hoping to pick up the pieces.