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CBG MD admonishes youth to be entrepreneurial to create wealth

BY: Ama Amankwah Baafi
Daniel Addo, Managing Director, Consolidated Bank Ghana Limited, speaking at the UPSA Global Alumni Association lecture series.

THE Managing Director of the Consolidated Bank of Ghana (CBG), Daniel Addo, has advised the youth to venture into entrepreneurship to create wealth for themselves and others.

He said while the government was creating the environment for businesses to grow, it was unable to absorb the entire working age/group, thus the need for the youth to develop an entrepreneurial mindset.

He said that at a special mentorship programme dubbed ‘Spotlight Series’ which was put together by the University of Professional Studies, Accra (UPSA).

The event was organised by the Faculty of Accounting and Finance (FAF), in collaboration with the UPSA Global Alumni Association, on May 26, 2022.

It was on the theme “Looking Forward Backwards; Leading a Volatile Uncertain Complex and Ambiguous World.”

He said as a young generation, they must work to turn things around in the country and subsequently, Africa.

“Nothing in this world happens in a vacuum. Most of the successful companies you see today started from humble beginnings. Don’t think of entrepreneurship as having a large amount of money to start a business,” he said.

Effective planning

Giving tips on how to undertake successful ventures, Mr Addo underscored the importance of planning in the life of an individual and working to achieve that.

“Pick up a page and write your plan for the next five years as well as the steps you have to take. Constantly seeing the page and working towards it will help you to achieve your vision.

So stay focused, know where you are going and work towards it. You are young and you have a long way ahead of you, there may be twist and turns but that long-term focus on what you want will guide you,” he said.

CBG and SMEs

According to Mr Addo, the bank was doing a lot more in the market to increase capacity of small and medium enterprises (SMEs) to be able to manage their own businesses.

Through the technology, he said the bank had introduced products that helped the SMEs to improve their sales collection.

“We are determined to continue to serve SMEs better by asserting itself as the preferred SME bank and proffer solutions by offering digital financial solutions,” he said.

Surmounting challenges

He said that currently, the bank had minimised some of the initial challenges around its formation and was ready to serve its customers.

Mr Addo said the bank had now been turned around into a better financial institution, although it was formed out of five different defunct banks around 2018, with different cultures and technology alongside its liabilities.