The founder of KAB-FAM, a Ghanaian-owned electronics and home appliances retail company, has urged young business leaders in the country to adopt innovative technologies to remain relevant in the market or risk crushing out of the evolving business landscape.
Charles Antwi-Boahen, who is the Chief Executive Officer (CEO) of KAB-FAM, stated that in an era where modern technologies, particularly artificial intelligence (AI), was permeating all facets of life, it was imperative for businesses to leverage that potential for growth.
"AI will not replace vision; it will not replace integrity; AI will not replace leadership; the winners of the next decade will be those who combine human judgment with digital capability, and local insight with global tools,” he said.
Speaking at the Forty Under 40 Summit in Accra recently, he stressed that survival over the next decade would belong only to "the fast, the digital and the disciplined."
Held on the theme "Innovate or Die," the Forty Under 40 Ghana 10th Anniversary Summit brought together entrepreneurs, business leaders and policymakers in Accra to discuss the key issues affecting the country's business environment and how young leaders could Innovate to stay profitable.
Mr Antwi-Boahen, who delivered both the summit's keynote address and a closing evening address to the Forty Under 40 champions, underscored the need for entrepreneurs to be disciplined to build business that last.
Innovate or die
In his address "Innovate or Die: Building a Resilient Business in the Age of AI and Extreme Competition," he emphasised that the traditional markers of business security such as size, history and reputation would no longer be enough to guarantee survival.
"Only relevance will; only speed will; only innovation will," he said.
Mr Antwi-Boahen warned that competition in the next decade would come not only from rivals down the street but from "a founder with a laptop, a global platform, or a bold idea that scales faster than we expect."
The KAB-FAM CEO urged every business owner to move beyond notebooks and manual record-keeping toward digitised operations.
Specifically, he mentioned Enterprise Resource Planning (ERP) systems as the baseline for modern competitiveness, aside from artificial intelligence
He explained that digitalisation delivered three fundamental business needs — automated processes, centralised data across the full value chain and real-time reporting that enabled owners to arrest problems and opportunities.
Potential for growth
Mr Antwi-Boahen also urged young business leaders in the country to take advantage of the African Continental Free Trade Area (AfCFTA) which had the potential to unlock a market of more than 1.5 billion people.
"The opportunity is continental; the competition is continental; the ambition must be continental," he said.
He expressed worry that in spite of the potential presented by AfCFTA, Ghana had just a handful of regional business footprints compared to other countries such as Nigeria and South Africa.
The KAB-FAM CEO also called on young business leaders to be disciplined in the performance of their roles as managers, stressing that it was through prudence and sound judgment that they could build entities to stand the test of time.
“Young business leaders must learn to plough profits back into the business rather than into frivolous things; they must resist losing focus during a windfall,” he stressed.
Background
The 40 under 40 Ghana Award is a prestigious annual accolade designed to identify, honour and celebrate a cross-section of the country's most influential and accomplished young business leaders, entrepreneurs, change-makers and professionals.
The award was established to recognise individuals under the age of 40 who are making a significant impact in their respective industries.
The initiative covers a diverse range of sectors, including banking and finance, energy, family business, agriculture, technology, fashion, media and social enterprise.
At the 2026 edition, the Chief Executive Director of MAB International Hospital, Opare Akuamah-Boateng, won the ultimate prize while 43 others received prizes in various award categories.
