Ghana’s family-owned enterprises, which account for more than two-thirds of the private sector, have been urged to adopt stronger governance structures to safeguard continuity and economic contribution, the International Finance Corporation (IFC) said on Tuesday.

The call came during IFC’s second Family Business Governance Workshop in Accra, themed Family Governance and Legacy: The Family Constitution Blueprint. The event, part of IFC’s Integrated Environmental, Social and Governance Programme and supported by Switzerland’s State Secretariat for Economic Affairs, drew participants from across the country, including second- and third-generation business owners.

Local media reports highlighted concerns over disputes within family firms, particularly as ownership and management pass to younger generations. IFC officials noted that these tensions often arise from unclear leadership succession, informal decision-making, and the absence of codified family constitutions.

“Family businesses are central to Ghana’s economy, yet many remain exposed to preventable risks,” said Moez Miaoui, IFC’s Acting ESG Advisory Lead for Africa. “Succession planning and family constitutions are not optional — they are critical for protecting businesses, preserving jobs, and maintaining wealth across generations.”

The workshop presented examples from other African markets where formal governance frameworks successfully ensured stability during generational transitions. IFC also emphasised that businesses with well-defined constitutions and succession plans are better positioned to access finance, as banks and investors increasingly assess governance structures before providing funding.

A participant, a second-generation manufacturer, told local media that the training provided clarity for navigating growing family involvement: “Our business has expanded, but decision-making has become complicated as more relatives join. This workshop gives us a roadmap for sustainable growth.”