IFC officials and other stakeholders in a group photograph at the workshop
The International Finance Corporation (IFC), a member of the World Bank Group, has convened its third Family Governance Workshop in Accra, bringing together Ghanaian family-owned business to address one of the most decisive factors for indigenous enterprise resilience – successful generational transitions that secure long-term continuity.
Hosted under IFC’s Integrated Environmental, Social, and Governance (IESG) Advisory programme, with support from the Swiss State Secretariat for Economic Affairs (SECO), the workshop forms part of an ongoing initiative to equip family businesses with governance structures for sustainable, multi-generational growth.
Family-owned enterprises form the backbone of Ghana’s economy, driving job creation, innovation, and community development. Yet globally, 95 percent of family businesses do not survive past the third generation, often due to succession planning gaps, weak governance systems, unmanaged growth, and unresolved family conflicts.
The workshop tackled the core enablers of multigenerational resilience, including aligning family values with professional business systems, preparing next-generation leaders early and intentionally, establishing structured conflict-resolution mechanisms, and building governance frameworks that strengthen both the family and the enterprise.
“Family-owned businesses are not just important to Ghana’s economy. They are critical to shaping legacies that endure across generations,” Kyle Kelhofer, IFC Senior Country Manager for Ghana and Liberia said. “Navigating generational transitions requires preparing next generations to lead, supporting incumbents to let go, and ensuring succession happens smoothly and intentionally. This improves operations, preserves wealth, and even enhances access to finance,” he continued.
Participants represented ranged from first-generation founders to third-generation leaders.
Drawing on international experience, lead facilitator, Moez Miaoui said, “Whether you are working with a first- or fifth-generation business, the patterns are remarkably similar. Family governance is fundamental to sustaining enterprises that drive job creation across Europe, Africa, South Asia, and East Asia,” he explained.
Mr. Miaoui emphasised succession as a two-way process: “Successors need to convince you they are ready, and you need to convince them they want to take over. It is a two-way street. Passion cannot be forced; it must be cultivated and transferred authentically.”
Mr. Kelhofer underscored IFC’s confidence in Ghanaian family businesses to grow regionally and globally, stating, “Ghana has outstanding family enterprises that could become major regional players and cross-sector champions. They reach a point where they can either remain small or scale, creating opportunities for gowth, investment, and legacy.”
Mr. Kelhofer noted, “Like going to the gym, governance improvement is something we work on regularly. Feedback shows participants keep returning, demonstrating the value of these sessions.”
Reaffirming IFC’s long-term support, Mr. Kelhofer said, “We stand ready to provide tailored advisory solutions and investment tools to help family businesses build stronger, more resilient enterprises for generations to come. Our mission is to help these businesses achieve beyond what they currently imagine, potentially becoming leading local corporates and even global players.”
A Business Desk Report