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Agongo Opens Up on 8-Year Business Ordeal, Cites Regulatory Pressures and Industry Challenges

• By EDMOND GYEBI
• April 20, 2026
• 0

Alhaji Seidu Agongo, a businessman, philanthropist and Group Chairman of Class Media Group, has revealed details of an eight-year period marked by legal battles, business setbacks, and regulatory challenges, which he says significantly affected his enterprises and operations.

According to Alhaji Agongo, the difficulties experienced between 2017 and 2024 under the erstwhile NPP government disrupted several of his businesses across key sectors, including media, finance, education, manufacturing and services, which raises concerns about the broader toxic environment for indigenous entrepreneurs in Ghana at the time.

He explained that his entrepreneurial journey began in Accra’s Nima Market, where he traded basic commodities such as rice, sugar and cooking oil, gradually expanding into a diversified business portfolio that created jobs and contributed to national revenue through taxes.

In a statement issued on his social media handle, the businessman however, noted that his business growth was interrupted by prolonged legal proceedings, which required his consistent presence in court over several years. He said this limited his ability to actively manage his businesses, contributing to their decline.

Alhaji Agongo also cited a fire outbreak that destroyed Class FM, a flagship station under the Class Media Group, resulting in the loss of infrastructure and affecting employees whose livelihoods depended on the organisation.

He further pointed to the revocation of the licence of Heritage Bank Limited, a financial institution in which he had a major interest, as a critical turning point. He stated that the bank was operational at the time and had plans for expansion before what seems as politically engineered regulatory action led to its closure.

Following the revocation, Alhaji Agongo said he was declared “not fit and proper” by the central bank, a designation he indicated resulted in the closure of his personal and corporate bank accounts and effectively excluded him from the formal financial system.

He added that the situation extended beyond banking, and affected his ability to register companies and access financial services, thereby weakening his overall business operations and capacity.

Alhaji Agongo also raised concerns about the handling of assets belonging to the defunct bank, noting that some properties remain unused and are deteriorating.

He emphasized that the impact of business disruptions goes beyond financial losses, and ultimately affect employees, families and communities that depend on such enterprises for their livelihoods.

Drawing from his experience, he advised entrepreneurs to build resilience and prepare for uncertainties in the business environment. He also called on policymakers to ensure fairness and consistency in regulatory processes to support the growth of indigenous businesses.

Despite the challenges, Alhaji Agongo expressed optimism about rebuilding his businesses and contributing to Ghana’s economic development, stressing the need to strengthen confidence in the private sector to drive sustainable growth.

 


Source: Edmond Gyebi