By Jibril Abdul Mumuni, GNA
Accra, June 27, GNA – The International Finance Corporation (IFC) has underscored the critical role of family councils in sustaining family businesses, urging Ghanaian family-owned enterprises to institutionalise such structures to ensure continuity, unity and long-term growth.
The call was made at a training workshop organised by the IFC to strengthen the capacity of family businesses in corporate governance and succession planning.
Mr Moez Miaoui, IFC’s Environmental, Social and Governance (ESG) Advisory Lead in Africa, said family councils served as an essential governance mechanism for managing family-related affairs separately from business operations.
He explained that while boards of directors focused on business strategy and performance, family councils provided a structured platform for addressing succession planning, educating younger family members and maintaining cohesion among relatives.
“The family council is for the family what a board of directors is for the business. It allows families to openly discuss critical matters and align on shared values and long-term goals,” he said.
Mr Miaoui noted that many family businesses in Ghana and across Africa faced governance challenges due to the absence of formal structures to manage family dynamics, which often influenced business decisions and threatened sustainability.
He said family councils reduced conflicts by establishing clear rules and communication channels, particularly on leadership succession and ownership, adding that effective governance required a clear separation of family, ownership and business management roles.
He observed that many family businesses lacked effective succession plans, leaving them vulnerable when founders or key leaders stepped down.
Without clear transition arrangements, businesses often experienced instability or collapsed, underscoring the need for deliberate governance structures to ensure continuity.
Ms Yewande Giwa, Senior Country Officer of IFC Ghana, said family businesses remained central to economic development, particularly as the private sector continued to drive job creation across Africa.
She said strengthening family governance systems, including family councils, would enable businesses to transition successfully across generations.
“For businesses to move beyond the founding generation, there must be intentional structures that prepare the next generation while preserving the values of the family,” she said.
Ms Giwa noted that family councils also promoted unity, supported family members and guided investments that aligned with the family’s long-term vision.
She encouraged participants to adopt governance frameworks that combined family councils with formal business structures such as advisory boards and independent directors.
She said stronger family governance would improve the resilience, productivity and longevity of family-owned enterprises, positioning them to contribute more effectively to national development, business continuity, job creation and sustained economic growth.
GNA
Edited by Agnes Boye-Doe
27 June 2026
Photos attached
Reporter: Jibril Abdul Mumuni