Entrepreneurial growth strategies focus on ecosystem building and formal structure

Efforts to strengthen Africa’s entrepreneurial landscape are focusing on both technological connectivity and formal business management. Noma Ngubane, CEO of KUMii, is utilizing an AI-powered digital platform to connect micro, small, and medium enterprises (MSMEs) with essential resources, including funding, markets, and advisory support. Based out of the 22 On Sloane startup hub, KUMii aims to bridge the gap between ambitious business strategies and consistent execution by providing the necessary connections for sustainable growth.

In Ghana, experts are highlighting the importance of formalizing business operations to ensure longevity. SME consultant Dickson Assan notes that a significant majority of small businesses in Ghana collapse before their fifth year, often due to a lack of organizational structure and the blurring of personal and business finances. To attract investors and lenders, Assan emphasizes that businesses must maintain separate legal and financial identities, keep up-to-date tax records, and ensure proper registration and industry certification.