A private company is an entity that is owned by a small group of people called shareholders or a non-governmental organization. The stock market of private companies is privately owned and it is not availed to the general public. Private companies in Ghana have fewer legal requirements than the public companies. This is because, private companies are privately owned. They also play a large role in employing people and they contribute largely to the economy of the country.
Aside from the active productivity, private companies are also involved in manufacturing and also production. The job vacancies in private companies in Ghana are all highlighted in their specific websites.
Advantages of private companies
Easy to manage. A private company generally has fewer employees than a public company. Also, a private company majors on various goods and services and the stock is privately owned. Things are done at the terms of the shareholders and the government has no influence over the activities of the private company.
Financial results of a private company are not dispensable to the public. The private companies are therefore not subject to the pressures of the market. If the financial results of the private companies are displayed to the public, the company will have a competitive disadvantage. If the results are hidden, then they can change strategies and improve on their business.
A private company does not have to plan for short term results like the public companies. This is because; private companies do not need to satisfy the shareholders by providing quarterly results. Instead, they can keep their prices up by looking into objectives and analysing them. Private companies operate on yearly budgets and still they grow even more than the public companies.
In a private company, governance does not have to be one sided. Private companies have the liberty to change management structure without going through long processes. A private company is flexible and that why their rate growth is faster than that of the public companies.
A private company has limited liability. Once you become a shareholder of a private company, your wealth is protected and all your personal assets that are affiliated to the company. A private company ensures that the shareholders are very well protected.
In short, owning a private company is better than going public although the public companies also have their advantages because they are covered by the government. It is necessary for a country to have a balance in both so that citizens can get maximum goods and services. Private companies are diverse, and checking the private security companies in Ghana list, or other fields will open an individual’s mind about private companies.
Disadvantages of private companies
Higher administration costs.Private companies generally pay more than the public companies. To avoid filing penalties a private company must appoint a secretary and accountants and also a director. It is therefore more expensive to run a private company than a sole proprietorship.
Private companies generally have limited personal control. The shareholders do not have maximum control over the private companies. Sometimes the founders may decide to include others and in the long run, they cannot make important decisions about the company without consulting the other shareholders.
When starting a private companies there are increased legal considerations that must be taken into consideration. A company has to provide all financial statements each year. Taxes are also higher and documents such annual returns must be well documented. The private companies are very disadvantaged because they have more legal considerations to consider.
However, once a company has been established and the profits start to flow in then the results are exceptionally good. Having a good management system is also very important in running a business. Nowadays, improved technology has helped come up with good accounting systems that have been adopted by many businesses. Technology is n longer an option but a compulsory factor for any company to run. Most private companies have elaborate systems and information and technology departments that digitalize the operations of the companies.
Private companies are very competitive and in Ghana the Club 100 introduces a platform where top companies are awarded and motivated to do better. Top companies are selected based on their productivity in all areas including customer relations and also employer and employee relations. These companies were top companies in 2016 but the awards took place last year November.
Top examples of private limited companies in Ghana
There are many registered private limited companies in Ghana. They are known for their productivity and the job opportunity they offer to Ghanainans
1. Newmont Golden Ridge Limited
Newmont Golden Ridge is a registered and licensed company under the government of Ghana. The company was founded in 1921 in Colorado and currently it also has branches in Ghana, Australia, United States and also Peru. It is a gold producer and its main aim is to improve lives by creating responsible mining techniques. The company has also taken part in sustainability and it believes in integrity and also responsibility. The Newmont team works together to offer the best goods and also services to its companies. The company has grown over the years and has employed many people. The company focuses on improving lives of the people and also coming up with projects that will improve the economy.
The company started an agricultural improvement programme in 2011 that ensured food security ad improved the livelihood of the farmers. The project was a stepping stone for the company and it involved 1800 farmers who were given skills in farming, input provision and also provision of cash so that the farmers would manage their crops adequately. The programme lasted for 3 years and more farmers joined the programme. After the period, farmers were more equipped with more skills in farming and in the long run, their output from the farms increased. The programme, extended businesses all over Ghana and the programme was monitored throughout. This programme was an awakening for Newmont because by 2013, the agricultural sector in Ghana had improved significantly. It is one of the best private gold companies in Ghana.
2. Ghana Oil Company
The Ghana oil company was established in 1960. Until today, Ghana is known for its petroleum and natural gas. Ghana Oil Company is owned by the government but previously it was a private company. In 2015 however, there was a disaster in the company when the fuel station in Accra had an explosion. Around 150 people lost their lives. The explosion was also accompanied by floods which increased the death toll. The period was devastating for all citizens in Ghana and for some time, the government had to find ways of dealing with it. However, accidents happen and the company employed better safety measures to avoid such a problem from happening in the future. The company was however able to get to its feet and right now, the company majors on selling diesel and gasoline.
The company is headed by 10 members and the main distribution points are central depot, Liason, Accra plains and the Takoradi Depot. This company has many outlets including schools and hospitals. The company has also partnered with AGIP Company of Italy. This company has employed many people in the past, and still continues to expand to date. The company is the main supplier of petroleum both in Ghana and also in other companies abroad.
3. Gold Fields Ghana Limited
Gold fields are one of the largest gold mining companies in Africa. The company was established in 1998 in South Africa. The company mainly produces gold and right now it has a branch in Ghana that is among the top companies. This company has over 50,000 employees in all its branches and it also operates in Australia and Peru. The chief executive officer Nick Holland has seen the company grow and currently, its productivity has improved significantly. Gold is highly valued and its value does not depreciate. Gold comes in many forms and is especially used to make jewelry. This company aims to be the biggest gold supplier and also largest gold miner. The company has an elaborate team that works together to ensure quality of the products. Ghana is a very rich country with a variety of precious minerals. Gold is one of the contributing factors to the economy of Ghana. The Gold fields company ensures that the mineral is well utilized and also that it contributes to the economy of Ghana.
4. MTN Group
MTN group was launched in 1994 and currently its one of the leading telecommunication service provider in Africa. The mobile and telecommunication industry has grown significantly due to the continued growth of the technology. This company however has not been left behind. Its market shares are significantly improving. Nowadays most businesses require the internet to run and a majority of people have mobile phones. Nowadays people can send money using their phones and also access their bank accounts. Mobile Telecommunications Network has made this possible. Today, it is among the top private investment companies in Ghana as it has helped to push up the country's economy.
5. Vivo Energy Ghana
Vivo energy was established in 2011. Vivo energy sells shell-branded fuels and also lubricants in Ghana and across Africa. Vivo energy is focused on improving the future of Africa by fuelling it. In the long run, it makes the lives of the customers easy and convenient. Currently, a larger population has vehicles and Vivo offers high quality products and all shell customers enjoy the convenience that vivo energy offers. For a country to run it needs energy and Vivo provides just that.
Vivo is very committed to ensure positive development of the people of Ghana and also the development of the country. This has also earned the company many awards. With branches all over the country all customers can access Vivo energy services. The company has introduced a shell card that makes all payments easy at all the shell stations. Vivo energy has made transactions easier for all its customers. The vision of Vivo energy is to be the top business in the energy business in Africa. Vivo Ghana offers both commercial and retail markets, and it contributes to the general growth of the country. Energy drives a nation and the biggest challenge so far is finding a reliable source of energy. However, with the continued technology, new forms of energy are emerging. Vivo energy is broadening and so far it has customers in mining and also construction. Vivo is among the list of private oil companies in Ghana.
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6. Unibank Ghana Limited
Unibank is a privately owned bank in Ghana that has its headquarters at the world trade centre in Accra. Unibank was founded in 1997 with the aim of improving ad offering best financial services in Ghana. Since its establishment Unibank has been able to offer services such as loans, savings and debit cards. Unibank also provides a platform for doing investments by providing loans for those who want to start a business. Unibank has a total assets valued at GHS 1.3 billion after taxes and the assets keep increasing year in year out. This is because, the bank has good management system, and it has a well organised board that oversees the affairs of the bank. Another interesting factor about Unibank is that it has exemplary customer care services. Unibank is indeed a leading bank in Ghana. Unibank also appears in the list of private insurance companies in Ghana.
7. Multipro Limited Ghana
Multipro is located at Sanyo road in Tema at the industrial area. It majors on sales and marketing on various products. The Multipro private limited was established in 2006 and currently, has grown tremendously. This company deals with imports and exports. The Multipro company is known for its wide distribution of the indomie instant noodles throughout the country. Its productivity has been contributed by the fact that the current generation would rather make noodles than cook real food.
Multipro company assures its consumers of quality and thus, fulfilling its aim of supplying goods and services to the people of Ghana. Multipro aims to succeed by offering its customers global operations and valuable solutions and organisational excellence. The core values of Multipro are trust with its customers, respect to the employees, commitment to the work, courage to face new challenges and humility. Multipro has a broad team led by Pawan Sharma, who has been the group leader since 2000. Pawan has instilled good values to the employee sand has experience in sales and marketing.
Multipro has widened its operations all over Africa, especially in Nigeria, Cote D’ivoire and Democratic Republic of Congo (DRC). The company works with different suppliers to execute strategies and come up with new market models. Multipro takes pride in its capabilities in maximising the value of the brands that it represents. The sales teams are very active and currently, the company is able to reach all areas and still supply to all its customers. It is one of the best private joint stock companies in Ghana. (www.mcpl.com.ng)
8. Nordea Capital Limited
Nordea majors in corporate finance and asset management. Nordea capital, for the second year in a row won an award as the Best New Asset management Company in Ghana. The award was presented by the global banking and finance review awards in the United Kingdom. This company is an investment company that is licensed by Securities and Exchange Commission (SEC) and National Pensions Regulatory Authority (NPRA). This company gives superior returns to its clients and first class services. The company does deep research on the market and hence, acquired the award. The interesting factor about this company is the fact that it promotes innovation, and employees can come up with new business ideas. The company has also laid out good strategies that increase its productivity. Nordea capital believes in excellence and has proved to e competitive in the banking industry. The company has strengths in banking, foreign exchange, insurance, pension funds, hedge funds, compliance and advisory. The company also deals with brokerage, project finance, investment management, technology and wealth management in general.
9. Justmoh Construction Limited.
Justmoh construction is fully owned by Ghana and it is registered by Registrar General Department under the ministry of water Resources. The company has been active for 22 years and so far it has made serious construction industry. The company is made of Engineers, surveyors and also architects who have helped to build the company. The vision of Justmoh is to be the leading construction industry all over West Africa. The company also aims to improve the quality of life of the people and also to increase the beauty of the West African countries by building mutual beneficial partnerships with the customers, employees and also the general community. The company will do that by providing high quality products at competitive prices and also ensuring that the products are delivered safely. Justmoh has done that so far because it has the best contractors in Ghana. It also offers private company jobs in Ghana.
Justmoh also ensures delivery of gold standard customer services. When you go to justmoh be assured that all your wishes shall turn to reality. The customer care services are simply exemplary. Justmoh also induces excellence in all its employees. The employees are well trained, and also very competent in their work. Justmoh’s core values reflect the general perception of the company and also of the employees. The values also are an asset to the company because they help the business to run smoothly. The values include obsession with service delivery, and also having proactive innovators. Encouraging such innovation has helped the country to grow significantly and so far, the company is efficient in service delivery and also effective in its dealings. Justmoh also values being flexible and decisive such that it can easily make decisions and be flexible with the changing market. It is well qualified and also certified by the government of Ghana.
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10. Total Petroleum Ghana
Total Petroleum is a global company and so far it is among the largest oil and gas companies in the worlds with branches at over 100 countries. Total petroleum has been operational in Ghana for the past 60 years. Over the years the company has assured its customers quality and also a high standard of the products. Total is not like other companies because it has gained respect over the years. In Ghana, it has a very strong image in the market because it contributes largely to the economy of the country. It is strategically located in specific towns and cities in Ghana in more than 234 stations.
This company has also taken part in innovations that have been driven by the consumer trends. It was the first company to introduce card payment with the well known Total card. This opened up a platform for other businesses and also invention for better technology. Thereafter, other companies also adopted the same payment methods. Total has employed many people and therefore creating job opportunity the Ghanaian citizens. It offers security because you can never go wrong with Total. It offers the best quality petroleum and also it is convenient because of the many stations that it has established. So far, it has expanded and today it offers total excellium super, total excellium diesel and also excellium super 95. It is the first company to e certified as an oil and gas company in Ghana. All total stations assure their customers of safety and also comfort by having shops that sell lubricants and also extended services like car wash and also lube bays.
The interesting factor about total is the fact that it provides products that are environmental friendly and those that cannot cause harm to the people or the environment. Total petroleum aims to be the best petroleum products supplier and also to provide best customer services and to ensure that the quality is kept high so more people prefer total to other petroleum countries. Total also aims to be good corporate citizen and also have a shareholder value. The strengths of Total are the fact that it does not exaggerate its prices. The employees are also very competent and well skilled. Total has also upheld cultural diversity and that is why it continues to grow all over the world. All products from Total are stamped with quality assurance and the people who manufacture and package them have technical expertise. The company is diverse and it offers some knowledge based solutions in road transport. The company has received recognition from top institutions like the club 100, chartered institute of marketing and also the prestigious Ashanti businesses excellence. Total is well equipped to perform its business operations and it continues to grow significantly. Total is not only among the best companies in Ghana but also it keeps up with the changes in the stock market.