Accra, Dec 12, GNA - Ghanaian entrepreneurs have been urged to open up their businesses to others to participate in them to ensure their expansion.

Professor Kwadwo Asenso-Okyere, Vice Chancellor of the University of Ghana, who made the call, said such a move would make the enterprises attract more equity to meet their quest for growth.

Addressing the maiden Industrial Pinnacle Awards Night in Accra on Saturday, Prof Asenso-Okyere said the desire of most Ghanaian entrepreneurs to retain ownership of their businesses had hindered their growth and made expansion impossible.

The Industrial Pinnacle Africa Network instituted the awards to underscore the significance of the synergy between public and private sectors in national development.

Besides, he said, poor management practices, reckless spending and lack of focused customer service by some entrepreneurs had combined to rob them of the necessary success.

He said good management was key to the success of any enterprise and therefore entrepreneurs must make use of modern tools for good effect. Mr Kwadwo Afram-Asiedu, Deputy Minister of Trade, said the government would continue with its programmes to stabilise the economy, reduce interest rates and make the cedi stronger to make industries competitive.

He stressed the importance of technology and innovation in industry as a tool for moving the country forward.

Individuals and organisations that excelled in the field of technology and entrepreneurship were awarded plaques and certificates.