According to him, such a practice will make them competitive and enhance their reputation.
Mr. Effah who was speaking at the just ended CEO Summit in Accra bemoaned the situation in Ghana where companies fold up after the demise of their founders.
“If you look at Ghana in the 70s, 80s and 90 s, we had a lot of SME’s and they all collapsed when their owners died. We had many construction firms, local contractors and so on. Many of the wealthy people in those days were timber merchants and contractors, none of them has been able to grow and progress,’’ he said.
Mr. Effah explained that the inability of government to marshal the requisite and needed revenue for national development was partly due to the fact that businesses do not grow and therefore are not able to pay taxes from which government could prosecute its development agenda.
‘’If we are not able to work on the governance of companies and move them from being SME’s which is what 99% of Ghanaian businesses are, into companies with the right structures who can become listed and can grow out of Ghana and become global players, we will not grow and we will not be able to create wealth’’ he noted.