Mr Kyle Kelhofer, Senior Country Manager of the International Finance Corporation (IFC) for Ghana and Liberia, has urged family-owned businesses in Ghana to adopt stronger governance structures to ensure long-term continuity and growth.
Speaking at the 3rd IFC Family Governance Workshop in Accra, themed “Passing the Baton, Preserving Purpose: Managing Generational Transitions,” Mr Kelhofer described family businesses as vital engines for job creation, private sector development, and sustainable economic growth.
The workshop series supports family enterprises in succession planning, preparing the next generation of leaders, clarifying ownership and management roles, and preserving wealth and legacy across generations.
Participants were equipped with practical tools and strategies to strengthen governance and safeguard their businesses.
“Family-owned businesses are central to growth across global markets from Africa and Western Europe to South and East Asia. With sound governance, these enterprises can grow into major local corporations and even expand regionally or globally,” he said.
Mr Kelhofer highlighted that the private sector accounts for roughly 90 percent of job creation, underscoring the importance of supporting family enterprises to improve livelihoods and broaden economic opportunities.
He explained that solid governance enables continuity, operational stability, and better access to finance.
“International best practices vary depending on whether families are actively managing or taking strategic oversight roles, but Ghanaian businesses can benefit by adapting global approaches during generational transitions,” he added.
The Senior Country Manager emphasized that IFC’s focus is to help family businesses thrive, avoid premature failure, and build strong foundations for long-term growth.
He noted that several Ghanaian family-owned businesses have the potential to become major regional players across multiple sectors.
“Stronger governance improves business opportunities, market presence, and financing access, supporting expansion and competitiveness,” Mr Kelhofer said.
He concluded by stressing that IFC’s broader mission is to create more and better jobs to improve lives in Ghana, beginning with a strong and well-supported private sector.
“Helping businesses grow sustainably starts with family enterprises, which are the backbone of the private sector and the economy,” he said.
