Starting a business in Ghana as a young man is tough – HR practitioner

A Human Resource Practitioner, Bestman Koku Phil, has highlighted the struggles young men in Ghana face when trying to start their own businesses.

Speaking on Joy Prime’s The Brotherhood on Thursday, Mr Phil drew attention to the difficulties involved in setting up a business as a young man in Ghana.

“Starting a business in Ghana as a young man is tough. It’s really draining. If you don’t take time, you will give up. But I mean, as men, we can’t give up,” he said.

He identified access to capital as one of the major challenges facing young men who want to start businesses.

According to him, high interest rates charged by banks make it difficult for young entrepreneurs to secure funding to establish their businesses.

He also raised concerns about the lack of adequate support systems, saying the requirements imposed by banks can make accessing capital particularly difficult.

He said banks often require detailed business plans, collateral, personal credit scores, financial contributions and personal guarantees, among other requirements.

Mr Phil said the lack of support from individuals and institutions further compounds the difficulties young men face when trying to start businesses.

He also expressed concern about the pressure young men face while trying to raise capital and establish themselves in the business world.

“Men and boys are toiling to survive in the business world,” he said.

Despite these challenges, Mr Phil urged young men not to give up but to remain determined and continue working towards achieving their goals.

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.