Accra: The International Finance Corporation (IFC), a member of the World Bank Group, has held its third Family Governance Workshop in Ghana to help family-owned businesses strengthen governance systems and manage successful generational transitions for long-term continuity.
According to Ghana News Agency, the workshop, hosted under IFC’s Integrated Environmental, Social, and Governance (IESG) Advisory Programme with support from the Swiss State Secretariat for Economic Affairs (SECO), is part of an ongoing initiative to equip family businesses with governance structures that promote sustainable, multi-generational growth.
Family-owned enterprises form the backbone of Ghana’s economy, driving job creation, innovation, and community development. However, globally, 95 percent of family businesses do not survive beyond the third generation, often due to gaps in succession planning, weak governance systems, unmanaged growth, and unresolved family conflicts.
The workshop addressed key enablers of multi-generational 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.
Mr. Kyle Kelhofer, IFC Senior Country Manager for Ghana and Liberia, emphasized the importance of family-owned businesses in shaping enduring legacies across generations. He noted that navigating generational transitions requires preparing the next generation to lead, supporting incumbents to gradually let go, and ensuring that succession happens smoothly and intentionally.
Common themes discussed during the workshop included succession anxieties, maintaining entrepreneurial drive, establishing governance structures that preserve family harmony, and reconciling business needs with family expectations.
Mr. Kelhofer expressed confidence in Ghanaian family businesses to grow regionally and globally, highlighting their potential to become major regional players and cross-sector champions. He reaffirmed IFC’s long-term commitment to providing tailored advisory solutions and investment tools to help family businesses build stronger, more resilient enterprises for generations to come.
Mr. Moez Miaoui, Lead Facilitator of the workshop, highlighted the universality of challenges faced by family businesses and emphasized the importance of authentic succession planning. He noted that family governance is fundamental to sustaining enterprises that drive job creation across Europe, Africa, South Asia, and East Asia.