Prof. Adei urges businesses to uphold integrity, fairness in profit pursuit
By Solomon Nartey Tetteh
Former GIMPA Rector and Emeritus Professor of Economics, Stephen Adei, has called on business leaders to uphold integrity and fairness in their quest for profit.
He made the call at the CEO’s Breakfast and Networking Meeting held yesterday.
Professor Adei emphasised that while every business has a legitimate reason to maximise profit, there are increasing risks in today’s environment that require entrepreneurs to balance how they treat their employees, how they exercise authority, and how they uphold ethical standards.
“This session is about how to balance power, profit and principles. One of the challenges we face in this country is the growing belief that it doesn’t matter how you make it. But I believe, as is the case in other countries, that profits can be made without sacrificing integrity and without disregarding the humanity of others,” he explained.
The economist further noted that both young entrepreneurs and established businesses stand to benefit from embracing ethical business practices.
Professor Adei also underscored the vulnerability of Ghanaian businesses to government actions, adding that the meeting provided not just an opportunity to share insights but also to learn from experienced players who have navigated the complexities of Ghana’s business environment.
He encouraged entrepreneurs not to be discouraged by failure, stressing that setbacks are part of the business journey.
According to Professor Adei, failure should be seen as an opportunity to start again, this time with better preparation.
He advised entrepreneurs to start small, learn by doing, and take advantage of modern resources such as entrepreneurship training programmes and digital tools, including artificial intelligence, to improve their chances of success.
Professor Adei added that those who eventually succeed are often the ones who have tried two or three times before breaking through.
