Segment: I Fire Anyone Who Fools Around - No Cousins or Brothers Work in My Company

Summary

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Episode Overview

Theme/Purpose
This episode of the Konnected Minds Podcast, hosted by Derrick Abaitey, features an in-depth conversation with Mr. Seth Bwatchadankwa, founder and CEO of Mordecai Farms. The dialogue explores workplace culture, the pitfalls and advantages of family involvement in business, risk perception in different cultural contexts, investing and decision-making, and Seth's journey from corporate life in Asia and South Africa to entrepreneurial farming in Ghana. The conversation centers around what it takes to succeed in business, especially after an accomplished career abroad and managing large-scale investments.

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Key Discussion Points & Insights

1. Family in Business: "I Fire Anyone Who Fools Around"

• No Family Employment Policy
  • Seth strongly opposes employing extended family members such as cousins or brothers at Mordecai Farms.
  • "No family member of mine will be employed in Mordecai Farms. No. My daughters? Yes. My wife? Yes. Anyone related to my wife? My cousins, my brother. No way." – Seth (00:02)
  • He attributes this to his strict approach to discipline and stewardship:
    • "If you fool around in my company, I fire you... This is the property of the God I serve and I have to manage it well. You can't destroy that. No, I'm not permitted to do that." – Seth (00:15)

2. Career Transitions and Financial Risks

• Corporate Experience & Return to Ghana

  • Seth spent over 27 years in corporate roles across South Africa and Japan, including senior investment and analytical roles.
  • Reflects on how his environment shaped his understanding of risk and opportunity.

• Investment in Mordecai Farms

  • Seth invested over $2 million into starting the farm, demonstrating a significant risk appetite late in his career:
    • "About 2 million plus dollars." – Seth (00:46)
    • "At this age, how long am I going to live?... What am I leaving behind for [my daughters and grandchildren]?... If I'm not around, the workers will have jobs to do." – Seth (00:51)

• Motivation for Entrepreneurship

  • While money is a motivation, he emphasizes ethical profit and not exploiting others:
    • "Of course I have to make money, but I don't have to squeeze money out of my people. If I can make decent profit selling it at 100, why should I sell it at 150?" – Seth (01:07)

3. Farming as a Business and Social Impact

• Profitability and Scale
  • The conversation touches on the profitability of aquaculture and the scale required for high investment:
    • "To set up the catfish farm... you need... Is catfish farming... profitable enough for a company that started off just over 2.5 million USD?" – Derrick (01:19)
    • Seth does not specify current turnover, but emphasizes sustainable, responsible growth.

4. Reflections on Global Business Experience

• Japan: Surviving the Economic Turbulence

  • Seth describes being the only black person in Japan’s financial sector, witnessing the country’s economic bubble and collapse, and working for institutions like Mitsubishi UFJ Bank.
    • "I was in Japan. I was in the stock market. The only black person over there." – Seth (00:27, 03:24)

• Transition from Sell Side to Buy Side

  • Explains the difference between investment banking (sell side) and asset management (buy side):
    • "On the buy side you actually put money. You don't just recommend and stay away... If the stock falls, the client is going to talk to you." – Seth (04:29)

5. Risk Perception: Asia vs. Africa

• Asian Approach: Danger + Opportunity

  • Seth shares a profound insight into how risk is conceptualized differently in Asia versus Africa:
    • "If you look at the Chinese characters for risk, there are two characters there... The first character is danger. The second character is opportunity. So when you see risk, you don't run away. Is the opportunity bigger than the danger?" – Seth (08:47)
  • This philosophy shaped his ability to take large risks later in his career.

• Challenges in Ghana’s Financial Sector

  • Seth considered starting an asset management company in Ghana but highlights issues like low market liquidity and poor data transparency.
    • "If you find an interesting company, you don't get data on those companies’ financial data... Sometimes you wonder why the stock exchange allow those companies to be listed when they are not providing their financials." – Seth (06:45)

6. Entrepreneurship Ideas and Social Observations

• Seth discusses spotting opportunities in areas like garages, observing how local Ghanaians are laboring while foreigners reap the financial rewards.

  • "You see Ghanaians are fixing the cars and you see foreigners counting the money. So if Ghanaians are fixing the cars and the foreigner is counting the money, why can't I do it?" – Seth (07:54)

• He challenges the audience and local business culture to re-examine these paradigms.

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Notable Quotes & Memorable Moments

• On Firing Family:
  • "If you fool around in my company, I fire you. I'm a Christian. But no, no, I don't waste time." – Seth (00:15)
• On Money and Legacy:
  • “What am I leaving behind for them?... If I'm not around, the workers will have jobs to do jobs. Jobs." – Seth (00:51)
• On Fair Profit:
  • "If I can make decent profit selling it at 100, why should I sell it at 150?" – Seth (01:07)
• Risk = Danger + Opportunity:
  • "When you see risk, you don't run away... Is the opportunity bigger than the danger?” – Seth (08:47)
• On Perception in Ghana:
  • “Everything is politics. I'm not a politician, so who is going to listen to me?” – Seth (07:12)
• On Impact:
  • “You can let your light shine and people will see what is actually happening to you. No need to shake anything up here.” – Seth (10:44)

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Important Segments & Timestamps

• [00:02] – Seth on 'No Family Policy'
• [00:46] – Investment and risk appetite in Mordecai Farms
• [01:07] – Motivation: Money and ethics in pricing
• [03:24] – Experience as a black investment professional in Japan
• [04:29] – Explanation of buy side vs. sell side in finance
• [06:45] – Challenges of starting an asset management company in Ghana
• [07:54] – Observations on local entrepreneurship opportunities
• [08:47] – Asian view of risk: Danger vs. Opportunity
• [10:44] – Philosophy on local influence and personal impact

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Tone & Style

• Seth speaks with conviction, discipline, and directness, often drawing on real-world examples and anecdotes.
• Derrick frames questions to draw out both technical detail and personal philosophy.

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Conclusion

This episode delivers a candid, experience-driven view on business leadership, risk, cultural attitudes, and the nuances of entrepreneurship in both Africa and the global context. Seth’s principled stand on family employment, insights from international finance, and practical philosophy on risk and legacy offer actionable guidance and inspiration for ambitious listeners.

Transcript

[A]

Must family always be the people to run your business?

[B]

No, thank you. No family member of mine will be employed in Mordecai Farms. No. My daughters? Yes. My wife? Yes. Anyone related to my wife? My cousins, my brother. No way.

[A]

Why?

[B]

If you fool around in my company, I fire you. I'm a Christian. But no, no, I don't waste time. This is the property of the God I serve and I have to manage it. Well, you can't destroy that. No, I'm not permitted to do that. I was in Japan. I was in the stock market. The only black person over there.

[A]

When did you move to Ghan? You really could have come home earlier, right?

[B]

I could, but yeah, I was making more money.

[A]

A man going on retirement is more concerned about losing their money than their life. How much investment did you put in?

[B]

About 2 million plus dollars.

[A]

That's high risk appetite.

[B]

Yeah. At this age, how long am I going to live? I have a wife, my daughters are there. Yes. I'm going to get grandchildren. What am I leaving behind for them? What am I using the money for? So if I'm not around, the workers will have jobs to do jobs. Jobs.

[A]

Your motivation for starting the farm was money.

[B]

Of course I have to make money, but I don't have to squeeze money out of my people. If I can make decent profit selling it at 100, why should I sell it at 150? But to set up the catfish farm

[A]

you need is catfish farming. Based on your research and based on what you do, is it profitable enough for a company that started off just over 2.5 million USD? What's the turnover?

[B]

The turnover now is.

[A]

You're welcome to Connected Minds podcast. My name is Derek Abayte. My guest today is the founder and CEO of Madakaya Farms, the award winning farms of 2025. I have the CEO here and today's conversation is really going to be talking about what it takes to be a farmer yourself. Now he's fully into aquaculture. He's had years of experience where he worked over 27 years in corporate, you know, across South Africa, Japan, and he's moved back to Ghana and he's doing this for a living. I really want to understand the decision making, the trajectory that his life was really taking before he made that decision and a switch to do business. So stick with me and don't go anywhere. Now if you don't also know you can search Connected Minds podcast on Apple and Spotify and also listen to this conversation when you're running, cooking, driving, on your way to work. Whether you're busy in the streets of Nairobi or in Accra somewhere, you can listen to us. So stay tuned. You're welcome to my studio, Mr. Seth Bwatchadankwa. How are you?

[B]

I'm very well, thank you. And then I also want to say hi to your, your audience and people who will be watching you.

[A]

Yeah, thank you so much.

[B]

I appreciate you privileged to be here.

[A]

Yeah, I appreciate you coming. Two people out of the team really wanted you to be here.

[B]

Okay.

[A]

You know, we were searching, we watched some of your videos as well and we saw the amazing things that you're doing. And for those of you that will get to the end, I have a special product as well that Mordecai Farms brought to connected minds. And I'm going to show you that, so stick with me. Now, you've invested a lot of money into your farm and the project that you're doing. But before we even talk about how much you invested and the thought of starting Catfish Farm and now you do vegetables as well. I really want to understand that for someone who lived abroad for that many years. When did the decision to start your business come in?

[B]

I was in Japan. I was in the stock market, the only black person over there. And I saw how Japan rose and the bubble burst. The banks collapsed, companies were having issues. And as a foreigner there, I told my wife things were very hard. What's going to happen? What are we going to do? But luckily, fortunately, maybe by the grace of God, we survived. We went through that turbulence. The company I was working for was acquired by Mitsubishi UFJ Bank. Our parent company was acquired by a team led by SoftBank Masayoshi Son to become. So the brand brought a consortium from the US and took over that bank at Long Term Credit bank of Japan. So we were taken over by Mitsubishi UFJ bank. And I worked there as an analyst and an equities analyst. And I became popular in the year 2000. With the year 2000 problem, yeah, I became very popular. I was one of the, okay, the only black analyst who was actually nominated by Nikkei as maybe the top 15 analysts in Japan.

[A]

Okay.

[B]

So around that time I got a call from a company called Zurich Scada Investments, a US based company. So I moved from the sell side to the buy side. Now when we talk about the sell side, it's actually we say investment banking companies. Like, I would say, okay, like Data Bank, Gold coast securities, we call them investment banking bankers. They have access to the stock market. On the buy side, we receive money and then we invest in stocks. For our clients and create portfolios and invest. So that's the difference between the buy side and the sell side. We send them orders, we pay them commission, they buy the stocks for us and we keep them. So I move from the sell side to the buy side. And on the buy side you actually put money. You don't just recommend and stay away if it goes up. Oh, I'm a good analyst. If the stock falls, you hide. You don't want to take your calls. But on the buy side you put in actual money there. If it falls, the client is going to talk to you. So I covered several industries and when I was there, I knew that one day I will come back to Ghana. As I was working there, I knew in my mind I would definitely come back to Ghana. I will come and live maybe my final days in Ghana. What am I going to do? So a lot of things went on in my head and my wife, and my wife and myself, we discussed a lot of, a lot of, a lot of businesses. So what I'm doing now is part of what.

[A]

So you always knew that even though you're working corporate is fantastic, you are eventually going to come to Ghana and do something.

[B]

Yes.

[A]

But it could have been in line with what you did incorporate.

[B]

I know I actually toyed with the idea of coming back to Ghana, setting up my own asset management company. But look at the Ghana Stock Exchange. Now this was set up 1999, 1980. Sorry, 1989, 1980, around that time. But if you look at the trading value, the trading volume is dominated by probably one company mtn.

[A]

Right.

[B]

Followed by probably gc Ghana Commercial Bank. So when, as a portfolio, when I was in South Africa as a portfolio manager, I was. It was very difficult to get a stock to buy in Ghana.

[A]

Okay.

[B]

The liquidity is not there. If you find an interesting company, you don't get data on those companies financial data of the company. And sometimes you wonder why the stock exchange allow those companies to be listed when they are not providing their financials.

[A]

But you could have also been an advisor. No,

[B]

my energy is focused on the money my client has given me. I need to create value for them. Ghana is not the only country in Africa. So you move to Nigeria, I move to Kenya, go to Egypt, Morocco, Uganda. You know, Ghana is. Everything is politics. I'm not a politician, so who is going to listen to me?

[A]

Right.

[B]

So I come in, I see it, I just move away and go back to my base and then I focus on, on my client. But back to your question. Yes, I had Aquaculture. In my mind I had things like, okay, setting up a fitness club in my mind I had setting up a garage in my mind because I came here, I went to some of these garages. I'm not going to mention the names. And you see Ghanaians are fixing the cars and you see foreigners counting the money. So if Ghanaians are fixing the cars and the foreigner is counting the money, why can't I do it? It's just a question of getting the spare parts, getting somebody to look after the warehouse very well and the Ghanaians doing it and probably giving them shares in whatever you set up. So why aren't Ghanaians doing it? I don't know.

[A]

That's a, that's probably a question for my audience.

[B]

The million dollar question for, for Ghanaians. So those, a lot of those things went, went on in my mind that, okay, there are a lot of opportunities here. You see the country as maybe risky, blah blah, blah, and you send a question about risk and all those kind of things. The risk concept in Asia is different from what we, we are taught here. When we say something is risky, oh, it's dangerous, you lose money. No, that's not how they think about risk.

[A]

How do they think about risk?

[B]

Okay, so if you look at the Chinese characters for risk, there are two characters there, it's pronounced kiki. The first character is danger. The second character is opportunity. So you see danger and opportunity. So when you see risk, you don't run away. Is it very dangerous? So danger is here, opportunity is here. Is the opportunity bigger than the danger? So I would say I grew up there, I lived with them, so it became part of me. So when I look at my country, yes, yeah, is risky. But where, wherein lies the opportunity? Where is the danger?

[A]

Mr. When did you move to Ghana?

[B]

2021.

[A]

Okay, so you've worked many years in corporate. I'm sure financially you are doing great, I mean the type of job you had. But my, my question is that if the thought of risk versus opportunity or danger versus opportunity became part of you, then you really could have come home earlier, right?

[B]

I could. But yeah, I was making more money,

[A]

right?

[B]

So yeah, I, I work for capital. Yeah, they paid me very, very well. They paid me very well. Moving to South Africa to join Mazi Asset Management was actually a huge pay cut for me. But I would say that my aim was we wanted to set up a black owned asset management company in South Africa. It's called Mazi Asset Management. Okay, so I went in, I joined them. I was head of research and then I was also senior portfolio manager for a mandate in Africa, excluding South Africa.

[A]

So during all these times, I mean, for me, my thinking is that if you've gotten you really understand how Africans, or may I say Ghanaians, approach risk, now you understand how the Asians, or may I say understand risk or danger and opportunity. So I would have been expecting you to really come to Ghana once you got the aha moment.

[B]

It doesn't work that way.

[A]

Okay, talk to me.

[B]

Nobody knows Saidangwa. I'm nobody. So you tell somebody working at okay, okay. Gcb, adb, whatever that. Hey, this is how you should, you should consider risk. They tell me to go away. No, I don't want any conflict. But you, you can let your light shine and people will see what is actually happening to you. No need to to shake anything up here. No, but we do our own thing and then people will see. We see what we are doing and then you just increase your knowledge. That's all.

[A]

Connected Minds podcast.