Renowned entrepreneur and Chairman of the Kama Group, Dr. Michael Agyekum Addo, has reiterated the challenging economic conditions faced by Ghanaians, highlighting the hardships experienced by many.
The accomplished business leader, now in his 70s, expressed frustration as his pension plans were disrupted by the government’s banking sector clean-up, resulting in the loss of his savings accumulated over 30 years to support him in his retirement.
Facing mounting challenges with his expenses, Dr. Agyekum Addo revealed ongoing struggles with the Ghana Revenue Authority and the Electricity Company of Ghana, compounding his financial burdens.
In a widely circulated video captured during a book launch event, the resilient entrepreneur, whose life story symbolizes resilience in the face of adversity, candidly acknowledged the prevailing difficulties, concluding with the poignant Akan phrase, ‘YƐƐbrƐ oo,’ signifying the reality of their suffering.
“I am a ‘pensioneer’ (sic) and all my money I must confess – I know I’m on air – the money that I saved to take care of my pension time has been taken over by the banking clean-up. So I don’t have my money to support such a wonderful book. And if I tell you how much that I saved for over 30 years to take care of my position now, you would weep for me. I have one of the best pharmaceutical manufacturing companies, WHO standard in Tema. But because my money has been locked up and they cannot give it to me, I’m having problems with my overheads. I’m telling you, either GRA is on your neck or Electricity Company has come to put off your light. ‘YƐƐbrƐ oo’.
Dr Michael Agyekum Addo’s uncommon story, from his early beginnings at Suhyen near Koforidua, to his stardom status as a successful brand and indigenous champion is well documented at various fronts.
In 2022 and at age 72, Michael Addo earned a Doctor of Philosophy (PhD) degree in Marketing and Entrepreneurship from the University of Ghana in his quest to understand what was collapsing businesses in Ghana and to emphasise the fact that “Education is not a race, you can get it at any time and anywhere in your life.”
“If at 72 I have been able to write about a 400-paged thesis and defended it successfully, every young person should be able to achieve this,” said the man who had previously been decorated with an honorary doctorate degree by the Kwame Nkrumah University of Science and Technology in 2005.