Ernesto Taricone arrived in Ghana from Italy in 1968. More than five decades later, his name has become closely associated with some of the country's prominent real estate developments and industrial businesses.

His journey raises an important question worth discussing: Why do some foreign entrepreneurs come to Ghana, build successful businesses and accumulate significant wealth, while many Ghanaian entrepreneurs struggle to grow their own companies?

Taricone's story does not suggest that foreigners are naturally better entrepreneurs than Ghanaians. Rather, it offers an opportunity to examine the role of long-term investment, business strategy, access to capital, patience and the ability to identify opportunities.

From Italy to Ghana: The Beginning of a Business Journey

Born in Italy in 1948, Taricone came to Ghana in 1968 with his father and two brothers while still in his teens.

According to an earlier interview, his father established businesses in areas including pharmaceuticals and furniture, but had a particular interest in infrastructure and property development.

Following his father's death in 1979, Taricone and his surviving brother continued working towards realising some of the family's business ambitions.

He chose to remain in Ghana despite the difficulties of the period, eventually building a business presence that would span several industries.

Building Beyond One Industry

Through the Trasacco Group, Taricone developed interests in real estate, construction, manufacturing, agriculture and other sectors.

One of the group's most recognisable developments is Trasacco Valley, a residential community in Accra that helped establish its reputation in the country's luxury property market.

Other developments, including Villaggio Vista, have also contributed to the group's visibility in Ghana's real estate industry.

Its wider business interests extend beyond residential property into construction, aluminium systems, industrial production and agriculture.

This diversification is an important part of the story. Instead of depending entirely on one source of income, the business expanded into different sectors, creating opportunities to build a broader commercial network.

So, Why Do Some Foreign Entrepreneurs Succeed in Ghana?

There are several possible explanations, although they do not apply equally to every foreign or Ghanaian entrepreneur.

1. Long-term thinking and patience

Building a major business rarely happens overnight. Taricone's journey in Ghana spans several decades, demonstrating the importance of remaining committed to a business vision even when results take time.

Many businesses struggle because their owners face pressure to generate immediate returns, while major investments in property, manufacturing and infrastructure often require years to become profitable.

2. Reinvesting and diversifying

A business that successfully reinvests its earnings can gradually expand its operations. Moving into related industries can also create additional revenue streams and reduce dependence on a single market.

Taricone's business interests illustrate how an enterprise can develop beyond its original activities.

3. Identifying opportunities

Entrepreneurs who recognise gaps in the market and develop products or services to meet demand can establish strong positions.

Ghana's demand for housing, commercial property, construction materials, infrastructure and agricultural investment has created opportunities for businesses prepared to invest in these areas.

4. Building strong business structures

Large companies generally require professional management, financial records, skilled employees, clear responsibilities and effective corporate governance.

A business that depends entirely on its founder may struggle to expand beyond a certain size. Building systems that allow operations to continue without the owner's constant involvement is essential for sustainable growth.

5. Access to capital and investment networks

One of the biggest challenges facing Ghanaian businesses is access to affordable financing.

The World Bank has identified limited access to finance as a major obstacle for small and medium-sized enterprises in Ghana. The Bank of Ghana has also highlighted how weak financial records, insufficient collateral and credit risks continue to restrict lending to many SMEs.

Entrepreneurs with access to substantial capital, investment partners and established networks may therefore have advantages when pursuing large projects.

The Challenges Facing Ghanaian Entrepreneurs

It would be unfair to suggest that Ghanaian entrepreneurs lack ambition, creativity or business skills.

Across the country, Ghanaians are building companies in technology, agriculture, manufacturing, construction, transport, hospitality and financial services.

However, many face challenges that make expansion difficult.

High borrowing costs, limited access to long-term financing, inconsistent electricity supply, taxation, infrastructure gaps, regulatory difficulties and the cost of doing business can affect the ability of local enterprises to compete and grow.

Land acquisition and documentation can also present significant challenges, particularly for businesses seeking to undertake large-scale property developments.

These difficulties do not affect every business in the same way, but they can make it harder for smaller local companies to move from survival to expansion.

Ghana Must Create More Opportunities for Local Entrepreneurs

If Ghana wants to produce more globally competitive businesses, the conversation should go beyond celebrating successful foreign investors.

The country must also examine how to create an environment in which Ghanaian entrepreneurs can access capital, acquire land transparently, develop industrial capacity, attract investment and compete fairly.

Financial institutions need stronger ways to assess viable businesses, while government policies should support productive investment, local manufacturing, innovation and entrepreneurship.

Ghanaian business owners must also prioritise proper financial management, professional leadership, accountability, innovation and long-term planning.

The responsibility is therefore shared between entrepreneurs, financial institutions, government and the wider business community.

The Bigger Lesson from Ernesto Taricone's Journey

Ernesto Taricone's journey from arriving in Ghana in 1968 to establishing a lasting presence in the country's private sector offers an interesting business case study.

His story highlights the potential of long-term investment, diversification, business continuity and identifying opportunities across different industries.

However, his success should not be used to conclude that foreigners are better at doing business than Ghanaians. Ghana has produced successful entrepreneurs, and many local businesses have demonstrated that they can compete in demanding markets.

The more important question is whether Ghana provides its own entrepreneurs with the financial, institutional and economic conditions needed to build businesses that can last for generations.

Perhaps the real lesson is not that foreigners come to Ghana to succeed while Ghanaians cannot. It is that Ghana must create an environment where both local and foreign entrepreneurs can invest, grow and contribute to the country's economic development.