Poor Documentation, Lack Of Managerial Skills Holding Back Local Businesses- Research

Poor documentation or record keeping is threatening survival and growth of local businesses in Ghana, according to a recent survey by the Kwame Nkrumah University of Science and Technology Business School.

Dean of the Business School, Prof Nathaniel Boso is worried the situation has implications on credit assessment from governmental and commercial creditors.

The investigations also pointed out Lack of managerial skills as managers lacked effective oversight responsibilities.

“They have the perception that apprentices and workers are always there to deliver on their instructions,” he said.

He advocated management control systems to help monitor daily operations of their business to drive profit.

The survey which took place in Kumasi Central Market and Suame Magazine, sought to find the best practices that accelerate business growth and profit maximization.

Researchers also found lack of trust in the commercial Banking system which they blamed on experiences with commercial banks and creditors.

Defunct institutions like DKM, God is love, UT Bank, Capital Bank among others, were cited and used as justification.