07/09/2026
5 common problems Ghanaian small businesses face
1. Mixing business money with personal money
A business can appear to be making money while actually losing money because the owner keeps taking cash from the business.
Advice: Have a separate business account/wallet. Pay yourself a defined amount instead of taking money whenever you need it.
2. Not knowing the real profit
Selling GH₵10,000 worth of products doesn’t mean you made GH₵10,000.
Advice: Calculate:
Sales − Cost of goods − Transport − Labour − Utilities − Packaging − Other expenses = Actual profit
Do this every week or month.
3. Underpricing because of competition
Many small businesses say, “My competitor is selling cheaper, so I have to reduce my price.”
That’s dangerous.
Advice: Know your cost first. Then determine a price that gives you a sustainable margin. If you can’t compete on price, compete on quality, speed, convenience, branding or customer service.
4. Giving too much credit
This is particularly dangerous for small businesses. A customer can owe you GH₵2,000 while you don’t have enough money to restock.
Advice: Create a clear credit policy. For new customers, require full payment or a substantial deposit. Don’t let “I’ll pay you next week” become your business model.
5. Poor record keeping
A lot of entrepreneurs know how much money is in their MoMo but don’t know:
* How much customers owe
* How much they owe suppliers
* How much stock they have
* How much they spent
* Their monthly profit
* Which products actually make money
Advice: Start simple. Use a notebook, Excel or Google Sheets. Record every transaction.
