By Samuel Lartey (Prof)
In the fast-paced and competitive world of business and governance, timeless wisdom often proves to be the most enduring. Rabbi Daniel Lapin’s Business Secrets from the Bible provides profound insights into ethical wealth creation, sustainable financial management, and economic productivity.
These principles, grounded in Judeo-Christian traditions, offer a compelling blueprint for Ghana’s government, corporations, and small businesses, including the ubiquitous tabletop and kiosk enterprises, to drive fiscal stability, economic expansion, and business growth.
By incorporating these biblical business secrets into Ghana’s economic policies, the country can strengthen financial discipline, improve monetary policy outcomes, and create an enabling environment for businesses to thrive.
Applying Biblical Business Secrets to Ghana’s Governance and Economy
Specialisation and Value Creation in Ghana’s Economic Policy
Lapin emphasises that economic prosperity is tied to specialisation and service to others. Ghana’s government can harness this principle by focusing on policies that enhance specialisation across industries. For example, the One District, One Factory (1D1F) initiative, aimed at industrialising the nation, must prioritise specialised manufacturing, ensuring that local industries develop competitive advantages in specific product lines rather than generic production.
The industrial sector in Ghana contributes about 24.5% to GDP (2023 estimates), but inefficiencies in specialisation and value chain development hinder greater growth. Encouraging regional specialisation in cocoa processing, textiles, and automobile assembly will increase competitiveness.
Ethical Financial Discipline and Fiscal Responsibility
A key lesson from Lapin’s book is the importance of financial discipline and ethical money management. Ghana’s government has faced challenges in maintaining fiscal prudence, leading to high public debt. By implementing tighter expenditure controls and ensuring value-for-money assessments in public sector transactions, the government can reduce excessive borrowing and stabilize the economy.
Ghana’s public debt reached GHS 576 billion ($50 billion) by mid-2023, representing about 71.1% of GDP. Applying biblical principles of ethical financial management, such as honest financial reporting and prudent borrowing, can enhance fiscal discipline.
Monetary Policy and Long-term Wealth Creation
Lapin teaches that wealth is built through patience and long-term investment rather than short-term gains. Ghana’s central bank, the Bank of Ghana, should adopt monetary policies that promote long-term investment rather than excessive money printing, which fuels inflation.
In 2022, Ghana faced an inflation crisis, peaking at 54.1% in December, driven by excessive fiscal spending and a weak cedi. A stricter adherence to long-term financial prudence, including stronger reserve management, would stabilize inflation and strengthen the currency.
Biblical Business Wisdom for Ghanaian Businesses: From Kiosks to Corporations
Household and Tabletop Businesses:
Emphasising Relationship-Based Commerce. Lapin underscores that business is fundamentally about relationships. Small-scale businesses in Ghana, such as tabletop vendors and market traders, can increase their profitability by fostering strong customer relationships through personalised service, ethical pricing, and consistent product quality.
Ghana’s informal sector accounts for about 85% of total employment, with small vendors contributing significantly to household incomes. Encouraging record-keeping and reinvesting profits can help small traders transition into larger enterprises.
Small and Medium Enterprises (SMEs): Reinforcing Trust and Service Excellence
Lapin stresses the biblical value of trust in business. Ghanaian SMEs should establish trust by delivering on promises, maintaining product quality, and adopting transparent financial practices.
SMEs contribute over 70% of Ghana’s GDP but often struggle with funding due to a lack of formal records. Businesses that implement good bookkeeping and establish trust with financial institutions can access better credit facilities and grow sustainably.
Large Corporations: Ethical Leadership and Job Creation
Lapin argues that wealth creation should benefit society. Large Ghanaian corporations, particularly in banking, energy, and telecommunications, must incorporate ethical leadership, fair wages, and community investment as part of their corporate strategy.
The Ghanaian banking sector, valued at GHS 179 billion ($15.6 billion) in total assets (2023), can implement ethical lending practices to support SMEs, reduce bad loans, and promote overall economic stability.
Conclusion
The principles outlined in Business Secrets from the Bible offer invaluable insights into economic growth, fiscal discipline, and sustainable wealth creation. By embracing specialization, financial prudence, ethical leadership, and relationship-based business models, Ghana’s government, businesses, and entrepreneurs can unlock new growth opportunities. Whether it’s a tabletop business in Makola Market, a fast-growing SME, or a multinational corporation, applying these biblical business secrets will pave the way for a prosperous and stable economic future in Ghana.
