Kennedy Agyapong, a Ghanaian businessman and former member of parliament for Assin Central, has warned young entrepreneurs to avoid doing business with family members.
According to Kennedy Agyapong, if one wants to succeed in Ghana, he or she must not do business with family members except their wife or children.
He noted that family ties can pose dangerous risks to business performance and accountability.
Speaking on the Konnected Minds Podcast, Mr Agyapong stated, “If you want to succeed here, especially in Ghana, don’t rely on your relatives or involve your brothers, sisters, or family members in your business—except maybe your children or wife”.
Mr Agyapong further added that people settle too easily and urged Ghanaians to be willing to do more and work for longer hours.
Mr Agyapong is a successful businessman with a media house, real estate and more. He also finished second in the Super Delegates Conference with 14.30% of the vote, behind Dr. Mahamudu Bawumia, who secured 61.47% emerging the winner.
Despite his shortcomings, Kennedy Agyapong’s strong performance demonstrated considerable support within the party.
Kennedy Agyapong, on the Podcast, further shared how he regrets buying over 277 houses in Ghana.
According to Kennedy Agyapong, if he had invested his money in building businesses, he would have had a lot of money.
Mr Agyapong emphasised that a $500,000 property at Cantoment can only be rented for $4000 a month, but doing business with that $500,000 and getting just 10 per cent is better.
He noted that his over 277 houses are a waste as he cannot find people to rent them.
Speaking on the Konnected Minds Podcast, Mr Agyapong detailed, “Let me tell you, when you have a property at Cantoment $500,000, your rent will not be more than $4000 a month, but if you use the $500,000 to do business and you make 10 per cent, I am just drawing your attention.
I have so many people here that I have regretted, some of them I don’t even know, I don’t remember unless I tell my cousin and those things”.
He added, “I have regretted it because if I had invested that money in business, young man, I would have made a lot of money. I have over 277 houses in Ghana, and it is a waste. I have regretted buying those houses because I don’t get people to rent them”.
Mr Agyapong further revealed that he chose not to sell the houses because he wants his kids to inherit them.
“I don’t want to sell, I want to give it to my kids. I have many kids, so I want to share it with them. My plan is, if you are a girl or woman, you marry and your relationship does not work, you come back home, you have your properties, you can dispose of some of them to start a business.
This is how I think aloud, how to help, but in actual fact, if I had invested that amount of money in a business, you know how much I would be making”, Ken Agyapong revealed.
According to Kennedy Agyapong, building one house is okay as a backup in case one’s business collapses; that property can be disposed of to start afresh.
“The house at Cantoment, you can have one that’s okay, no problem, as a security or backup in case your business collapses, your property becomes a fallback that you can dispose of”, Mr Agyapong asserted.
Kennedy Agyapong further recounted an encounter he had with former Black Stars player Sully Muntari. Who asked him whether his business had collapsed before?
He added, “I think in 1990, I had 11 houses, but I had to sell 6 of them to start life again, houses at Tesano, Achimota. I disposed of all those properties to start life again.
At that time, anybody with the exception of the Real Estate guys building anybody selling his properties means he is broke”.