By Buertey Francis BORYOR
Business owners in Ghana’s informal sector have been urged to adopt a new mindset and embrace digital tools as part of efforts to build more structured, sustainable enterprises.
Speaking to the media at the Africa Entrepreneurship School (AES) Impact Experience event held in Accra, Dr. Andrews Ayiku, Coordinator of the MBA Impact Entrepreneurship and Innovation Programme at the University of Professional Studies, said the initiative is focused on training entrepreneurs- particularly those operating outside the formal economy- by providing them with the knowledge and tools to grow their businesses.
“The AES Impact Experience is designed to train informal sector entrepreneurs and business owners who have never had the chance to sit in a formal classroom setting. We want to give them the skills and mindset they need to structure their businesses properly, embrace digital tools, and eventually scale up,” Dr. Ayiku explained.
He observed that many participants run thriving operations but lack basic business structures like registration, taxation, financial records, or digital presence. He said the absence of such systems is a major barrier to growth.
“You will be surprised by how much money many of these entrepreneurs make. But because their businesses are not formalised, they lose out on bigger opportunities like funding or partnerships,” he said.
Additionally, he noted that the event focused on helping participants shift their mindset- starting with seeing growth as possible and within reach.
“Many informal entrepreneurs are scared of growing. They think scaling up means more stress, more taxes, and extra costs. But the real problem is fear and a lack of knowledge. We are showing them examples of other businesses that have scaled and survived- and we are telling them it is possible to do the same here in Ghana,” Dr. Ayiku said.
The event also saw the launch of an incubator and accelerator project that will offer ongoing support through mentorship, coaching, and access to funding.
“We are inviting institutions to partner with us. We want to support these business owners with grants and strategic assistance to help them launch new ideas, diversify their operations, and even start new businesses,” he said.
In addition to skills training, AES is also promoting the idea of building generational businesses in the country- an area he said is largely neglected.
“When we talk about family businesses, we always mention Indians or Italians. But it is time to build our own Ghanaian family business culture. AES wants to spark that mentality,” he elaborated.
Collaboration with government and access to markets
To make the initiative more impactful, Dr. Ayiku said AES is working closely with government agencies and private sector stakeholders to open access to markets, legal compliance tools, and advisory services.
“We are collaborating with institutions like the GRA and the Registrar-General’s Department to help these business owners get formalised. This is very deliberate and very intentional,” he said.
The AES Impact Experience event was under the theme, “Formalising Informal Entrepreneurship for Sustainable Economic Growth.”
Meanwhile Chief Executive Officer of SUKU Technologies, and Greater Accra Regional Chair of the Association of Ghana Industries, Mr. Tsonam Akpeloo, in a presentation at the event, urged the participants to separate their personal lives from their businesses, keep proper financial records, and embrace digitisation in order to grow and compete globally.
“It is important to keep proper records of all your transactions, client details, and orders. Keeping records is essential for business continuity.
“I will also encourage you to embrace digitisation- particularly social media, websites, and professional emails. Stop using Gmail and Yahoo for business. It is seen as untrustworthy. If your business is called JNAMI Fashion Enterprise, your email should be [email protected]. That alone tells people you are legitimate. In other countries, people check websites before they call you. If you are not online, they assume you are not serious.
“As business owners you must be visible online- as visibility plays a key role in attracting local and international clients. People are on social media dancing and gossiping. But you should use social media to promote your business. Talk about your business online,” he advised, he said.
Furthermore,, he encouraged entrepreneurs to open and actively use bank accounts, build account histories, and position themselves for funding and future growth.
“You need a bank account, and you need to use it. Do not just keep withdrawing cash to buy food and spend. Be deliberate. Ask clients to pay you through your account. Every week, send money through your account to build history,” he said.
Beyond funding, Mr. Akpeloo noted that having a healthy bank statement is often required when applying for visas, especially when travelling abroad for trade shows, exhibitions, or training programmes.
