Accra: Family-owned enterprises in Ghana are well positioned to become regional champions and cross-sector market leaders, according to the International Finance Corporation (IFC). The IFC has emphasized the strong global momentum behind family businesses and the critical role of governance in driving sustainable growth.
Speaking at IFC's third Family Governance Workshop in Accra, Kyle Kelhofer, Senior Country Manager for Ghana and Liberia, stated that the institution is ready to provide advisory support and capital for family firms willing to scale beyond domestic markets. "Ghana has some pretty amazing businesses and family enterprises that could potentially become big regional and cross-sectoral players. These businesses reach a point where they can choose to stay small or grow across sectors, expand regionally or even globally - and that's where we can step in," Kelhofer explained.
The workshop, part of an ongoing programme delivered under IFC's Integrated Environmental, Social and Governance Advisory platform with assistance from the Swiss State Secretariat for Economic Affairs (SECO), concentrated on strengthening family governance frameworks to ensure generational continuity and long-term resilience.
Family-owned businesses are foundational to Ghana's economy, driving job creation, innovation, and community development. Globally, these businesses are an increasingly powerful economic force. Family businesses with revenues of at least US$100 million account for approximately 22 percent of all businesses and are projected to grow by 22 percent between 2020 and 2030.
According to Ghana Web, the total revenues of family businesses are expected to rise from about US$21 trillion today to US$29 trillion by 2030, significantly outpacing the growth of non-family businesses. Industry analyses indicate that the 500 largest family firms generate revenues of around US$8.8 trillion annually, more than the GDP of most countries and equivalent to the world's third-largest economy. Family enterprises also account for a majority of economic activity in many countries, contributing significantly to GDP and employment across Europe, Asia, and the Americas.
McKinsey and Company estimates that family-owned businesses contribute more than 70 percent of global GDP and roughly 60 percent of global employment. Despite their scale and importance, many family businesses face structural challenges, particularly around leadership transitions. Studies show that only a small fraction of family firms survive multiple generations, with the average family business lifespan being limited and succession planning gaps remaining pervasive.
At the Accra workshop, participants from first, second, and third-generation enterprises explored practical strategies for leadership preparation, conflict resolution, wealth preservation, and governance frameworks that enable both family cohesion and professionalization. "Getting governance right is not governance for governance's sake. It unlocks access to finance, markets, and expertise that might otherwise remain inaccessible to family enterprises," Kelhofer noted.
Lead facilitator Moez Miaoui echoed this, stressing the bilateral nature of succession: "Successors must be ready to lead and incumbents must be ready to let go. Passion cannot be forced; it must be cultivated and transferred authentically." In Ghana and across emerging markets, local corporates, many of which are family-owned, are increasingly recognized as engines of job creation and innovation.
IFC's experience shows that well-governed family enterprises often become the backbone of robust private sectors, catalyzing inclusive growth and economic diversification. The workshop series is demand-driven, with participant interest remaining strong. IFC has signaled its intention to continue programming as long as local business communities find value in peer-learning and governance enhancement. "Like going to the gym, governance improvement is something we work on regularly. Feedback shows participants keep returning, which is a good sign," Kelhofer said.
Mr. Kelhofer stated that the initiative forms part of IFC's broader development mandate, emphasizing its focus on creating "more and better jobs," particularly through strengthening private sector capacity. "We have increased our focus on helping local corporates, including family businesses in Ghana, grow into cross-sectoral and regional players," he said. "That starts with governance; the foundation for sustainable growth, investment, and legacy building," he added.