Ghanaian Businesses Urged to Seek Advisors for Growth

Ghanaian businesses, especially Small and Medium-sized Enterprises (SMEs), are being urged to seek the expertise of professional transaction advisors when pursuing expansion, investment, or mergers and acquisitions (M&A) deals.

The call to action came during a recent webinar hosted jointly by the UK-Ghana Chamber of Commerce (UKGCC) and Deloitte Ghana, focusing on “Enhancing the Investment Climate in Ghana – The Role of Transaction Advisors for Business Expansion and Growth.”

Speakers at the webinar warned that many Ghanaian businesses risk losing value, facing difficulties in securing funding, or even collapsing due to navigating complex transactions without professional guidance. They emphasized the importance of expert support in maximizing success.

While some businesses cite cost as a barrier to engaging advisors, Yaw Appiah Lartey, Deloitte’s Africa Infrastructure and Capital Projects Partner, countered this argument. He stressed that the true cost lies in not utilizing professional services.

“Let us not be people who know the cost of everything and the value of nothing,” Appiah Lartey urged participants, adding that the misconception that advisors simply state the obvious – “an adviser looks at your watch and tells you the time” – deters many entrepreneurs from seeking crucial support.

Experts acknowledged Ghana’s promising investment climate but highlighted its complexities. Without professional advisory support, businesses may misprice deals, fail to meet regulatory requirements, fall short during investor due diligence, or make strategic errors that ultimately diminish value.

Transaction advisors, the panel explained, offer comprehensive support throughout the entire process – from preparing companies for growth and structuring deals to attracting investors and seamlessly integrating acquired businesses.

Deloitte Ghana Associate Director, Dennis Brown, detailed the scope of advisory services, including the creation of detailed business plans and information memoranda, the development of robust financial models, guidance on valuations, and proactive identification of potential risks and opportunities.

Jonathan Godden, Deloitte Africa Corporate Finance Leader, described the advisor’s role as bridging the gap between “a willing buyer with a willing seller.” He added, “Advisors understand what funders look for and help shape the information, structures, and strategies needed to meet investor expectations.”

Angela Rogan, leader of Deloitte Africa Post-Merger Integration and Value Creation Services, underscored the critical role of advisors in the integration phase of transactions. “Advisors play a critical role in designing integration blueprints that minimise operational disruption and preserve value for buyers,” she stated. “Properly planned integrations ensure smooth transitions and prevent value leakage after M&A transactions.”

Jared Moodley, Deloitte Africa Valuation & Modelling Leader, reinforced the importance of objective valuations. He warned that without this service, business owners risk making decisions based on emotion rather than sound financial principles.

“If you’re transacting based on sentiment, it’s very neurotic. You should have a good financial model—and that comes back to having the right transaction advisors who can quantify complexity and help you make the right decision,” Moodley explained.

The panel also highlighted the importance of thorough due diligence. According to Africa Transaction Services Leader, Sean McPhee, “Due diligence is the heart of any transaction. Advisory teams examine the financial, tax, operational, commercial, legal, HR, IT, ESG and cyber elements of a business, ensuring that clients fully understand transactions and avoid costly mistakes.”

Recognizing that SMEs, which contribute over 70% of Ghana’s GDP, are particularly vulnerable to funding gaps and lack of investor readiness, the panel encouraged them to view advisory engagement as an investment in building internal capabilities. This includes strengthening financial controls, improving information systems, and developing clear strategies and business plans based on a deep understanding of their market.

Wendy Pienaar, Deloitte Africa Innovation and Ventures Leader, emphasized that a business plan should be more than just a compliance document. “Having a comprehensive business plan is a great way to create the right brand positioning within the market and to be able to sell your business effectively,” she said.

The webinar, moderated by Deloitte Ghana’s Samera Tara, also touched on broader themes impacting Ghana’s investment landscape, including completion mechanisms in M&A deals, the potential of artificial intelligence in advisory services, and the factors influencing investor interest in Ghanaian businesses.

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