Founding President of Noble International Business School, Professor Kwaku Atuahene-Gima has asserted that indigenous vehicle manufacturer, Kantanka Automobile will remain vulnerable to competition if it does not change its traditional way of innovative thinking.

According to Prof. Kwaku Atuahene-Gima, Kantanka is a good vehicle manufacturer that faces stiff competition from other manufacturers, thus it is essential that they start thinking differently to fight off that competition.

He made this statement during an exclusive interview with Ghanaweb at the 2nd day of the Ghana Finance Week.

“If you ask me, they [Kantanka] are using the traditional way of thinking about innovation. Because of that, they are doing things that will make them very vulnerable to competition. [Kantanka] is a good company trying to develop and survive in a very competitive context because we have a lot of second hand cars coming in. You have to compete and to compete you have to think differently,” he explained.

He emphasized that the absence of business model innovation among Ghanaian businesses has rendered most of them clueless on the global market.

“It’s a question of the understanding and the sense that you bring to your view of innovation. You have to think very differently, from products and services to business model innovation. And to me, that is what we lack here,” he added.

As part of activities to mark the Ghana Finance Week, stakeholders within the financial industry converged at the Marriott Hotel in Accra to chart ways of improving the operations within the sector and restore confidence.

The 2-day forum also formed part of building the financial ecosystem in Ghana amidst the recent happenings in that sector.