I lost one million cedis in a business investment - US-based Ghanaian

US-based Ghanaian businessman Prince Kwame has disclosed that he lost a million Ghana cedis in the wine business.

In a chat on SVTV Africa, Prince mentioned that he created two different companies, but they both failed eventually. According to him, the consumers were the problem.

“I spoke to some celebrities, and they told me that I shouldn't have disclosed my identity as the CEO. I should have used a white person instead. I sponsored a lot of musicians, but they were all a waste."

Besides Kwame’s wine business, he set up a vodka business thriving in the USA but failed in Ghana.

“An artist who owns a club around Osu told me to bring him 20 cartons of my vodka, and it took him three years to pay GH¢21k worth of drinks. He also offered to help me sell the drinks, but I’d have to pay about GH¢70k first,” he told DJ Nyaami.

Moreover, Prince added that the import taxes were another reason his businesses collapsed. According to Kwame, he has given up on starting a business in Ghana again.

“Back then, I would encourage my friends abroad to come and invest in Ghana for our future generations but not anymore. They support our business here than in Africa,” he added.