Advised the Ghanaian Employers Association on a Matter
Ghostwriting for Abena Osei-Poku, Managing Director of Absa Bank Ghana Limited, at the Annual General Meeting (AGM) of the Ghana Employers Association, she delivered a keynote address touching on the theme of sustaining businesses amidst macroeconomic challenges. The event was well-attended, featuring representatives from various Ghanaian institutions, Norway's Ambassador to Ghana, Ingrid Mollestad, and the Deputy Minister for Employment, Bright Wereko Brobbey.
Ms. Osei-Poku noted the current global economic landscape transformation, caused by the COVID-19 pandemic and subsequent challenges. Supporting evidence from numerous surveys indicated that many businesses anticipate complex challenges ahead, despite an anticipated shift of the pandemic to an endemic in 2022.
In her keynote address, Ms. Osei-Poku offered several insights to counteract these challenges.
Key points:- In Africa, there is a mix of survival and optimism, with two-thirds of companies acknowledging their struggles but expressing hope of endurance.- South African companies appear the least optimistic, while Ghana shows extraordinary resilience with only 3 percent of Ghanaian participants expressing concern about their employers' collapse.
Possible solutions:- Embrace leadership that adapts and adjusts during economic downturns. Instead of adopting an “ostrich” or impulsive “bull in a China shop” approach, think strategically and tactfully, resembling a “fox.”- Focus on communication, patience, and empathy with employees as leaders on the front lines. Actively engage in operations and support functions. Establish trust through integrity, time investment, and diligent execution.- Prioritize a careful business continuity plan to minimize disruptions and demonstrate resilience to stakeholders.- Prioritize and enhance customer service by understanding their needs, innovating solutions, and creating customer incentive programs. Happy customers can lead to new opportunities for growth.- Support and motivate staff by maintaining clear communication about the operating environment's impact on the business. Reducing hours or staff but understanding contractual obligations should be handled with care.- Assess and train employees to make them future-ready, focusing on operational excellence during downturns.- Embrace technology solutions to streamline processes, reduce costs, and increase competitiveness. Automation can help maximize efficiency and free up employees for higher-value tasks, like customer service.- Form internal and external partnerships to support each other through challenging times, as interconnectedness can help reduce risks and open new opportunities.
Conclusion:Ms. Osei-Poku concluded by stressing that resilience is key in overcoming any adversity, whether it be a global pandemic, macroeconomic damage, or other unforeseen challenges. Adopting these strategies can empower businesses to thrive in the face of crisis, ultimately benefiting employees and customers alike. Embracing a composed demeanor under pressure, learning from mistakes, and maintaining a strong leadership presence will lead to successful outcomes during challenging times.
- The business landscape in Africa shows a mix of survival and optimism, with two-thirds of companies acknowledging their struggles but expressing hope for endurance.
- Ghanaian businesses, in particular, exhibit extraordinary resilience, as only 3 percent of Ghanaian participants express concern about their employers' collapse.
- To counteract the challenges, Ms. Osei-Poku advocates for leadership that adapts and adjusts during economic downturns, likening it to a "fox" as opposed to an "ostrich" or an impulsive "bull in a China shop."
- She emphasizes the importance of communication, patience, and empathy with employees, actively engaging in operations and support functions to build trust.5.Ms. Osei-Poku also stresses the necessity of a business continuity plan to minimize disruptions, prioritizing customer service through innovation and incentive programs to foster growth.
- To remain competitive, she encourages the embracement of technology solutions, automation, and internal and external partnerships, which can help reduce risks, maximize efficiency, and open new opportunities.
