A recent business forum in Cape Coast has urged local businesses to forge strong partnerships and adopt collaborative strategies to foster sustainable development while minimizing challenges.
The two-day forum, held as part of the activities marking the 25th anniversary of Osabarimba Kwesi Atta II as the Oguaamanhen (Paramount Chief of Cape Coast), emphasized the need for a shift from excessive competition to a more cooperative business environment.
Stakeholders, including chiefs, business owners, lecturers, and students, gathered at the forum to identify prospects and challenges that could contribute to the revival of businesses in Cape Coast.
The discussions covered various sectors, such as education, tourism, hospitality, agriculture, agro-processing, and fishing, highlighting investment opportunities in these areas.
The participants stressed the importance of building trustworthy partnerships that create a supportive ecosystem, allowing businesses to thrive collectively and contribute meaningfully to the local economy.
They emphasized that collaborative efforts would lead to shared success and better economic outcomes.
Nana Obiri Aduama, the Nkosohen of Oguaa Traditional Area and General Manager of the Ridge Royal Hotel, explained that building partnerships didn't necessarily mean merging businesses but collaborating in areas of mutual benefit.
He cited an example where market women could pool resources to buy items in bulk, reducing costs and ultimately benefiting consumers.
Dr. Richard Adu Agyapong and Dr. Charles Hackman Kwamena Essel, lecturers at the University of Cape Coast School of Business, urged entrepreneurs to leverage technology and innovation for business growth.
They highlighted the cost-effectiveness of using social media platforms like Facebook and Instagram to create brand awareness and expand customer bases.
Madam Nicholina Naa Yeye Adumuah, the Central Regional Head of the National Insurance Commission (NIC), encouraged business leaders to mentor young talents, emphasizing the wealth of untapped potential among the youth in Cape Coast.
Nana Pokoo-Aikins, the Central Regional Chairman of the Ghana National Chamber of Commerce, called for collaboration between businesses and academia to enhance the skills of the local workforce.
Osabarimba Kwesi Atta II, Oguaamanhen, reiterated the importance of embracing digital marketing and social media for business operations, expressing optimism about the positive impact of the forum on Cape Coast's transformation.
The forum preceded the Fourth Osabarimba Royal Awards, an annual event recognizing outstanding achievements and contributions to the development of Cape Coast. The awards ceremony is scheduled for Saturday, January 20, at the Emintsimadze Palace.