Across Africa—and in Ghana especially—entrepreneurship has become one of the most powerful engines driving economic growth, innovation, and opportunity.
From bustling markets in Accra to emerging tech hubs in Kumasi, Ghanaian business owners are transforming industries and communities alike. But as these enterprises grow, so too must their purpose.
A business built solely for personal profit may achieve short-term success, but one that serves a higher mission—supporting its people, environment, and society—builds lasting impact.
This article explores why Ghanaian entrepreneurs must begin to see their ventures not just as individual achievements but as essential institutions within the fabric of society.
It makes the case that a truly sustainable business must extend beyond its founder, answering to the broader community that enables its growth and, in turn, benefits from its prosperity.
With insights from successful African enterprises and thought leaders, we delve into how businesses can—and should—serve as platforms for inclusive development, accountability, and long-term national progress.
The Symbiotic Relationship Between Businesses and Society
In Ghana’s dynamic economic landscape, businesses are more than just profit-generating entities; they are vital components of societal development.
Small and medium-sized enterprises (SMEs) constitute about 85% of business enterprises in Ghana’s private sector and account for 70% of employment.
This significant presence underscores the responsibility of business owners to view their enterprises not merely as personal ventures but as assets contributing to the broader community.
The success of a business is intrinsically linked to the well-being of the society in which it operates.
Communities provide the workforce, customer base, and infrastructure that businesses rely on. In return, businesses contribute to societal development through job creation, innovation, and social initiatives.
Can your company hold you accountable? Even fire you?
Usually, if you’re the owner or founder of a business, you can’t be “fired” in the traditional sense. And that is when you’re bigger than your business.
To do things differently in order for your business to survive without you, and possibly survive your death, consider the following:
Sell shares: If you’ve incorporated your company and issued shares, and other people own portions, they should be able to vote you out as CEO or remove you from a leadership position if you’re not performing. And that even if you’re the majority shareholder.
Thus, by making yourself accountable to the other shareholders, you keep in mind the bigger picture—the good of the company and society at large. Think of big tech founders like Steve Jobs (Apple) or Travis Kalanick (Uber)—both were pushed out of companies they helped build.
Bringing in a board of directors: Doing this even as the sole shareholder can be a powerful way to elevate both your accountability and the long-term success of your business.
While you may still own 100% of the shares, having a board of directors can improve decision-making, ensure transparency, and make your business operations more robust, benefiting not just you but the broader community as well. Here’s how it works:
As the sole shareholder, it can be easy to get caught up in your own vision for the business, especially if you’re emotionally invested.
A board of directors brings diverse skills, knowledge, and perspectives to the table—different backgrounds in finance, marketing, law, operations, and community engagement.
This diversity helps you look at your business challenges from multiple angles and ensures that your decisions are well-rounded and aligned with best practices.
For example, a board member with experience in sustainability might encourage you to adopt environmentally responsible practices, which could benefit the community while also boosting your brand’s image. This kind of feedback can be crucial for long-term growth.
Even if you’re the sole owner, your business doesn’t operate in a vacuum—it impacts employees, customers, suppliers, and the wider community. A board holds you accountable not just to yourself, but to these broader stakeholders.
Board members can offer constructive criticism, challenge your assumptions, and ensure that the company’s operations are in line with ethical practices and long-term goals.
By integrating corporate social responsibility (CSR) into your business strategy, board members can help ensure that the company’s success is not purely measured by profit but also by its positive contributions to society.
This can include job creation, supporting local communities, or contributing to environmental sustainability—all of which strengthen your business’s reputation and longevity.
A board of directors typically has the responsibility to oversee the company’s governance and ensure compliance with legal and financial regulations.
This helps protect your business from making potentially costly mistakes or legal violations. In certain industries, regulatory compliance might be more complex, and having a board ensures that the business adheres to the required standards.
By fostering a culture of good governance, a board helps you focus on growth while ensuring that you are not overlooking legal responsibilities, which might otherwise be neglected when you’re doing everything alone. This can ultimately contribute to the business’s stability and reputation.
A board of directors can also be a key resource for business growth. Members often come with valuable networks and can open doors to new partnerships, investments, or markets. They can advise on fundraising, strategic acquisitions, or expansions that you may not have considered.
For instance, if your goal is to make your business more impactful on a national or international scale, the board’s network can help connect you to influential stakeholders, potential investors, and collaborators who are equally invested in seeing your business thrive. This broadens your ability to create jobs, innovate, and increase your social impact.
When you’re at the helm of a business, it’s easy to get bogged down in day-to-day operations. However, a board can help you keep a clear focus on your long-term strategic vision.
Their role is not only to advise but also to act as a guiding force for navigating potential challenges and seizing new opportunities.
By staying focused on sustainable growth and societal impact, the board ensures that your company is not just another business that “rises and falls” but one that contributes meaningfully to the economy and community.
Example: Take the company Wildlife Works in Kenya, which combines business with environmental conservation. The board’s oversight and strategic advice ensure that their social and environmental goals align with the company’s core business operations, making their model sustainable and beneficial for both profit and the community.
For society at large, knowing that your business has a board of directors helps build trust. It signals that your company is committed to transparency, accountability, and ethical business practices.
This can make your business more appealing to customers, partners, and even investors who are looking for trustworthy, socially responsible companies.
A well-structured board can foster positive public relations and increase customer loyalty by ensuring that the business’s practices align with societal values, like supporting local communities, upholding labor rights, or contributing to charitable causes.
Accountability for a Larger Purpose
In the end, even as a sole shareholder, bringing in a board of directors is a smart move for your company, society, and your own accountability as a business owner. It ensures that
your decisions are balanced, strategic, and beneficial to all stakeholders involved. By adopting a larger view that includes your business’s role in societal development, you ensure that your company’s growth is sustainable, socially responsible, and aligned with broader community goals.
Through the accountability of a board, your business can evolve into an asset for everyone—not just for you as the owner but for employees, customers, and society as a whole. This way, your business becomes truly bigger than you, contributing to the economy, job creation, and meaningful societal progress.
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The author is a dynamic entrepreneur and the Founder and Group CEO of Groupe Soleil Vision, made up of Soleil Consults (US), LLC, NubianBiz.com and Soleil Publications. He has an extensive background In Strategy, Management, Entrepreneurship, Premium Audit Advisory, And Web Consulting. With professional experiences spanning both Ghana and the United States, Jules has developed a reputation as a thought leader in fields such as corporate governance, leadership, e-commerce, and customer service. His publications explore a variety of topics, including economics, information technology, marketing and branding, making him a prominent voice in discussions on development and business innovation across Africa. Through NubianBiz.com, he actively champions intra-African trade and technology-driven growth to empower SMEs across the continent.
