This article was co-authored by Derek Nnuro (President, Harambe Ghana) and Kojo Annan Ampofo (TheBizmic Himself). Look out for us in the Business & Financial Times - our Media Partner for TEDxHarambe.
Ghana’s burgeoning oil industry provides an opportunity for significant financial gains for not only that industry but all sectors of the economy. Coupled with such gains is the need for companies to reassess their approach to community investment.
Fortunately for us, here in Ghana, we have had a considerable period of multi-party democracy that has enabled the growth of a thriving private sector. Though the private sector has been active in addressing social issues and some interventions have been commendable, initiatives must evolve from more common Corporate Social Responsibility (CSR) models.
Ghanaian companies should seek a double bottom line. In the 21st century it is no longer enough to earn a monetary return on investments – that is merely the primary bottom-line.
Owing to pressing social problems that are either regional or global in scope – youth unemployment, environmental degradation, famine, lack of access to basic amenities – companies operating in (especially) developing communities must seek to find ways of alleviating or solving the very problems that plague their operational environments.
Companies can seek a second bottom line through the services and products they provide, supply chain, internal operations, advocacy/philanthropy, and ethics. Companies can also go as far to recognize that many social problems are lucrative business opportunities awaiting the right capital. A few companies, both local and foreign, are transcending the limited realm of established CSR practices.
During Tullow Oil’s Capital Markets event in July, Ken McGhee, the CSR Projects Manager gave a presentation on Social Entrepreneurship. Mr. McGhee’s presentation signaled a CSR maturation and (hopefully) turning point. Mr. McGhee argued for a shift away from ‘handout’ to a focus on long-term social and community investments. It has been an established norm for most firms to make donations rather than ensuring that the projects they support are in line with the two S’s – sustainability and scalability.
By rebranding CSR as “Social Enterpreneurship” and announcing that Tullow Oil seeks to support ‘enterprise development’ through its efforts, Mr. McGhee demonstrated that Tullow plans to make sustainable and scalable investments in the community. Whether big or small firms, established companies or start-ups, we must find ways to harmonize profit making and social value creation for the long term.
To this end, on November 4th, TEDxHarambe, hosted by Harambe Ghana, Business Minds Investment Club (BMIC) and their partners, will spark a deep discussion on social value creation under the theme, “New Capitalism.” TEDxHarambe is a local, independently organized event in Accra that strives to re-create the unique experience found at TED; an annual event that brings together the world’s leading thinkers and doers to share ideas that matter in any discipline – technology, entertainment, design, science, humanities, business and development.
Cheers......Don't miss out on TEDxHarambe on NOVEMBER 4, SEE YOU THERE!!!!!
