By Eric Osiakwan
On 10th January 2025, Star Assurance, a great example of a multi-generational family business1, launched its 40th anniversary celebration. The company was founded in 1985 by Dr. Kwabena Duffuor, who handed it over to his son, Kofi Duffuor, who, after running the company for several years, handed it over to the current CEO, Panin Boatemaa Barfour-Awuah. Star Assurance has grown into Star Assurance Group Limited (SAGL) which today comprises; StarLife Assurance (run by Panin’s sister, Kakra Duffour Nyarko), Star Microinsurance Services, Star Pension and Star Health. This wholly Ghanaian owned private conglomerate is positioned to transform Ghana’s competitive insurance sector. In my January 2025 essay, I mentioned the less than one percent of African businesses that are multi-generational and multi-national, in this essay I focus on the less than one percent multi-generational businesses and in my March essay, I will focus on the multi-nationals to end the first quarter of 2025.
It takes an inter-generational founder with a long-term vision and execution prowess to build a multi-generational enterprise. Dr. Kwabena Duffuor belongs to that Business Hall of Fame – his fortitude and exceptional execution skills having played a considerable role in the success of SAGL.3 The diversification into other aspects of the insurance industry is a testament to Duffour’s ability to balance risk. His investment in real estate, media, banking, mining and other sectors and hands-off arrangement as well as ceding of managerial control in his various businesses to experienced professionals highlight his multi-sectorial approach to building multi-generational businesses. Duffour has commendably groomed a new generation of entrepreneurs and CEOs, including his sons and twin daughters, Panin and Kakra who worked through the ranks of their father’s insurance ventures before taking the reins as CEOs.4
The late Col. Dr. Kwami Nyaho Tamaklo is another Ghanaian inter-generational founder who established Nyaho Medical Centre (NMC) in March 1970 with a vision to provide the best nursing and medical care in Ghana. For more than five decades, the Centre has been at the forefront of patient-centered healthcare, bringing the highest international standards to Ghana. Upon his demise, his wife Mrs. Janet Tamaklo took over and run the business with the help of their daughter, Vako Ferguson until his son, Dr. Elikem Tamaklo, who trained in the UK as a medical doctor, returned home in 2015 to manage the family enterprise. Mrs Tamaklo currently serves as the Emeritus Chairman, with the founder’s daughters Janis McKenna and Vako Ferguson serving on the Board, whilst Dr. Tamaklo is Executive Chairman. NMC represents the highest standards of primary and specialist healthcare in the West African sub-region.
Tamaklo Dr. Elikem Tamaklo – Rtd. Col. Dr. Kwami Nyaho
In the Eastern Region of Ghana, Dr. John Appiah started Koforidua Clinic in 1981 with a vision to provide private primary care in the region. He run the facility until 2018 when he suddenly passed. His son, John Appiah Jnr took over running the clinic. Although Mr. Appiah Jnr isn’t a trained medical professional, he has grown Koforidua Clinic to the level where it it now part of the Rivia network of clinics nationwide. His father vision and entrepreneurial prowess inspired him to start his own business, A-League Consult, an independent human capital development training provider and personal development specialist organization.
Dr. John Appiah
Mr. John Appiah Jr.
Independent of his responsibilities at the Koforidua Clinic and the A-League Consult, Appiah Jnr serves as president of the Africa Chamber For Youth Development, a youth development hub that he co-founded. The African Chamber seeks to become a one stop chamber where youth leaders in Ghana and Africa undergo leadership training, professional development and career guidance and support.
Dr. Richard Maponya of South Africa is another inter-generational entrepreneur and property developer who is best known for having built a highly successful business empire despite the restrictions of apartheid. From the 1950s when he started his first business, he has been determined to see the South West Townships (Soweto) develop economically. One manifestation of his dream was the opening of the huge shopping precinct called Maponya Mall in 2007. It is said to have changed the face of Soweto.5 Dr. Maponya inspired a generation of entrepreneurs and industry pioneers that are shaping and influencing our world today. Peter Vundla, friend and colleague, refers to Dr. Maponya as one of the key pioneers for black business long before Black Economic Empowerment (BEE). Peter Vundla is one of the founders of HerdBuoys, South Africa’s first black-owned advertising agency in an industry dominated by global players.6
Dr. Richard Maponya
Ms. Chichi Maponya
Dr. Richard Maponya’s daughter, Chichi Maponya, is currently managing director of Maponya Group, responsible for all business activities of Maponya Group subsidiaries, management, growth and diversification strategy. She is also founder and Director of Mathari Resources, a women-owned company focusing on mining, procurement and commodities trading. Chichi started her business career in the family businesses, mainly retail sales, where she gained experience spanning the entire gamut of business operations. She then sought independence and went on to work for a property development company as project manager, later joining The South African Institute of Civil Engineers (SAICE) as bookkeeper and assistant PR officer.7
These are but a few multi-generational businesses in Africa – hopefully they inspire more of such and to the extent — they are also multi-national.
1 https://ghana.mom-gmr.org/en/owners/individual-owners/detail/owner/owner/show/dr-kwabena duffuor/
3 https://starassurancegroup.com
4 https://edwardasare.com/meet-the-twin-ceos-of-starlife-assurance-and-star-asurance-kakra-duffuor nyarko-boatemaa-barfour-awuah/
5 https://maponya-institute.co.za/testsite/about-dr-richard-maponya/ 6 https://www.linkedin.com/pulse/dr-richard-maponyas-legacy-laid-foundation-mongezi-mtati/ 7 https://www.africagrowth.com/maponya.pdf
