By Juliet Aguiar DUGBARTEY, Takoradi
The Chief Executive Officer of the Ghana National Chamber of Commerce and Industry (GNCCI) Mark Badu-Aboagye has urged small and medium-sized enterprises (SMEs) to prioritise legal representation in all business transactions.
He said failure to do so continues to expose many organisations to fraud and costly disputes.
He was speaking to the B&FT in an interview at a business meeting with the members of the Sekondi-Takoradi branch of GNCCI in Takoradi.
The meeting formed part of the chamber’s ongoing engagement with members to address operational challenges and promote a more resilient and competitive business environment.
He noted that many businesses still rely on informal agreements and verbal commitments, a practice that has resulted in significant financial losses for some entrepreneurs.
According to him, several cases reported to the chamber involved businesses being defrauded or losing control of their operations after entering agreements without proper legal scrutiny, particularly in dealings with foreign partners.
“It is important that as businesses, we seek legal advice before signing any contract. We often assume legal services are expensive, but it is far more costly to lose substantial investments due to avoidable mistakes,” he said.
Mr. Badu-Aboagye said some entrepreneurs have lost millions of dollars because they failed to consult legal professionals, stressing that even basic legal reviews could prevent such outcomes.
To address this, the GNCCI CEO disclosed that the chamber has strengthened collaboration with legal practitioners within its membership to support businesses.
He explained that some lawyers offer free or subsidised services, especially for simple contract reviews, and encouraged members to take advantage of these internal resources.
“Sometimes the document is just a one-pager that a lawyer can review within minutes. We have members who are lawyers and are ready to support, so businesses should not hesitate to seek their advice.” he added.
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