The Ghana Progressive Hotels Association (GHAPROHA), in collaboration with the Business Development Service Fund, has organised a five-day workshop, geared towards building the financial management and succession planning capacity of hotel operators at Tema.

At the end of the workshop, approximately 150 participants are expected to be trained in financial management and succession planning.

The participants were taken through topics such as book keeping, preparation of financial statements, profit and loss accounts, balance sheets, cash flow, and how to take important business decisions based on financial records.

They have been armed with the skills to understand the financial aspect of any business venture they find themselves in.

The Tema Regional Chairman of the workshop, Pastor Emmanuel Geadda-Assando, noted that the fee participants for the programme paid for the workshop was peanuts, compared to what they stand to benefit at the end of the programme.

"Management, no matter how you want to look at it, entails decisions that tend to have financial implications. Participants are going out of here knowing how to administer a business financially," he said.

One of the participants, Mr. Duah Agyeman Francis, who works at the Subin Valley Hotel, said the workshop has been of great importance to him, in view of the fact that it had helped him to understand much about financial statements.

"If an accountant prepares a financial statement, I will be able to understand what it entails, although I am not an accountant," he explained.