A strong caution has been issued to Ghanaian businesses, especially small and medium-sized enterprises, to refrain from pursuing complex investment transactions without professional support.
This warning came during a joint UK Ghana Chamber of Commerce and Deloitte Ghana webinar themed “Enhancing the Investment Climate in Ghana – The Role of Transaction Advisors for Business Expansion and Growth.”
Speakers at the event expressed worry that many Ghanaian companies continue to engage in mergers, acquisitions and capital raising activities without proper expert guidance. This trend, they noted, has caused businesses to lose substantial value, miss out on critical financing opportunities or collapse entirely.
The practice of handling intricate deals internally, often referred to as the DIY approach, was described as risky and dangerous for enterprises seeking sustainable growth.
The Real Cost of Skipping Transaction Advisors
While some businesses argue that advisory services are too expensive, industry experts challenged this perception. Deloitte Africa Infrastructure and Capital Projects Partner, Yaw Appiah Lartey, dismissed the idea that transaction advisors only offer surface level services. He stressed that the notion that “an adviser looks at your watch and tells you the time” has prevented many entrepreneurs from seeking support that could save their businesses.
He urged businesses to reflect on the true cost of avoiding professional services. According to him, the real financial loss comes from entering transactions blindly, mispricing assets or entering deals that destroy rather than create value. His message to Ghanaian businesses was direct and emphatic. “Let us not be people who know the cost of everything and the value of nothing,” he said.
Panelists agreed that Ghana remains an attractive investment destination. However, they highlighted that the terrain is complex and constantly evolving. This makes professional advisory support essential for companies navigating mergers, acquisitions, fundraising or expansion plans.
Without the expertise of advisors, businesses risk failing regulatory checks, misunderstanding investor expectations, or structuring deals poorly. These missteps often result in unfavourable outcomes such as value loss, stalled transactions or reputational damage.
Deloitte Ghana Associate Director, Dennis Brown, reiterated that transaction advisors help companies prepare comprehensive business plans, develop robust financial models, and guide valuation processes. He noted that businesses often underestimate how much preparation is required to attract serious investors.
Transaction Advisors as Strategic Connectors
Deloitte Africa Corporate Finance Leader, Jonathan Godden, emphasized that transaction advisors serve as strategic intermediaries. He described them as the bridge that “connects a willing buyer with a willing seller.”
He added that advisors understand what investors look for and are able to structure deals that meet those expectations. Their ability to shape information and build compelling strategies increases the chances of successful investments.
Beyond deal preparation, advisors also support the integration of acquired businesses. Angela Rogan, Deloitte Africa Post Merger Integration and Value Creation Services Leader, highlighted the importance of planning for post transaction phases. She explained that well designed integration blueprints ensure smooth transitions and protect value for buyers, while poor planning creates operational disruptions and value leakage.
Objective Valuations and Rigorous Due Diligence
Deloitte Africa Valuation and Modelling Leader, Jared Moodley, warned that businesses often rely on emotion rather than commercial reality when determining their worth.
“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.”
Jared Moodley
Due diligence also remains a critical component of business transactions. According to Sean McPhee, Africa Transaction Services Leader, advisory teams conduct deep assessments of financial, tax, commercial, legal, IT, ESG, HR and cyber elements of a business.
This process ensures that clients fully understand the risks and opportunities attached to each transaction. Skipping this stage exposes companies to costly mistakes and legal complications.
Supporting SMEs to Access Advisory Services
SMEs contribute more than 70 percent of Ghana’s GDP yet remain the most vulnerable when engaging in complex transactions. The panel urged smaller firms to view advisory services as an investment rather than a luxury.
They encouraged SMEs to strengthen internal systems such as financial controls, information management and business planning. Deloitte Africa Innovation and Ventures Leader, Wendy Pienaar, emphasized that a business plan should be seen as a powerful communication and positioning tool.
“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.”
Wendy Pienaar
The webinar moderated by Deloitte Ghana’s Samera Tara also explored topics such as the future of advisory services under artificial intelligence, completion mechanisms in M&A transactions and factors influencing investor appetite in Ghana.
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