Konnected Minds Podcast – "Ownership Over Employment: Why Building a Legacy Beats Working for Others Forever"

Host: Derrick Abaitey
Guest: Fred Ampedu (Owner of Posa Industries)
Date: January 14, 2026

Episode Overview

This episode of the Konnected Minds Podcast, hosted by Derrick Abaitey, focuses on the power and significance of ownership versus lifelong employment. Derrick’s guest, Fred Ampedu—who transitioned from a scientific career in Canada to entrepreneurship in Ghana—shares his deeply personal and generational perspective on why building family legacy and owning businesses is essential, particularly in the African context. Together, Derrick and Fred discuss family-driven entrepreneurship, the transmission of business values across generations, practical upbringing strategies, and how exposure to global networks reshapes African business aspirations.

Key Discussion Points & Insights

1. The Human Side of Business Struggles

• Personal Story of Crisis and Resilience
  • Fred recounts facing major setbacks—a factory fire and significant theft at his business—but emphasizes perseverance.
  • Quote: "Early in the morning, 1:00am, I just woke up, I looked up on my phone, I had about 30 missed calls... the factory is on fire. We lost almost $50,000 worth of equipment. The gentleman who helped stop the fire...eventually stole almost 500,000 cedis worth from us." (00:01)
  • He rejects the notion that such setbacks are unique to Ghana: "It's human nature. People take the path of least resistance." (00:28)
• Motivation to Continue
  • On not giving up: "It's just, I think it's part of the legacy that I was born into." (00:34)

2. Entrepreneurship: Born, Made, or Nurtured?

• Fred argues against the binary of entrepreneurs being "born or made":
  • "They are not made or born, they are nurtured." (00:47)
• Suggests a supportive upbringing and exposure are critical for entrepreneurial success.

3. Africa’s Challenge with Global Advancement

• Fred reflects on why Africa struggles on the global stage:
  • "Any problem in this world that money can solve is not a problem." (00:56)
  • Implies deeper, systemic issues beyond financial hurdles.

4. The Essence of Ownership

• Why Start Posa Industries?
  • "Ownership, Derrick. Ownership. We can't keep working for people the rest of our lives. At some point in time you have to own something and pass it on to the next generation. That's the reason why. Ownership, Derrick." (02:13)
• Family Legacy in Practice
  • Fred’s grandmother—an "illiterate" by schooling—built a major market, instilling business values and property ownership across generations.
  • "She was the founder of the largest market in West Africa at some point...She founded it 1972...built a six bedroom house in Accra." (02:30)
  • These values were passed on: "Ownership has been passed down from generation to my dad's generation, my aunt's generation. Now it's our time." (02:46)

5. Women and Legacy: Unsung Heroines

• Fred recounts his upbringing by strong market women, dispelling the myth that women’s business success is rare in Ghana.
  • "I was brought up as a...by a market woman. I hang around the market even to this date...Fantastic business principles." (03:49)
  • On customer service: "If you buy her stuff and you bring it back...she gives you your money or just exchanges for you. In Ghana." (04:18)

6. Is Ownership a Scam?

• Derrick questions if ownership (versus employment) is overrated, since heirs may not appreciate the legacy.
  • Fred rejects this, emphasizing responsibility across generations:
    • "That's not your concern...What are you doing for the next generation?...The trained mind who's been trained about ownership doesn't think like that." (04:43)
  • Fred’s family legacy remains intact: "This is over 100 year old shop and it's now a 10. And Derek, trust me, we won't let that shop collapse. And we'll leave it on to the next generation." (05:14)

7. Practical Family Upbringing & Money Lessons

• Early exposure to business handling was a family tradition:
  • "When we're kids, 5, 6, 7 years old...We sit down, kids, you, Fred...Count one cedis, you count two cedis...Money is not mysterious. It's human beings who go and get money." (05:37)
  • Business and money are regular dinner topics, intentionally educating even the youngest family members:
    • "When we go for dinner every night at my dad's place...what we talk about: our businesses, this money, oh this is going here..." (06:13)
• The goal: Prepare the next generation not to squander their inheritance.

8. Reconciling Tradition with Modern Education

• Children are taught business hands-on, not just in theory:
  • "My daughter is 8 years old. She started going with me to the factory...press this machine so she gets used to it and she understands how hard dad is working..." (07:24)
• Open communication is prioritized:
  • "They don't keep those two separate. At every point there's communication going on...you are just a custodian in your time. Take care of it, don't squander it because it's not yours." (06:59)

9. Family Constitutions and Knowledge Transfer

• No formal written family constitution—values are communicated and demonstrated, reinforced through spoken tradition and leading by example.
  • "It's just not. It's just like English law...people learn more from communication than actually written word." (08:33)
• Fred sees value in both written and oral knowledge:
  • "What you tell the person, they learn it more than what you show them. You tell it to them and then you show it to them." (08:45)

10. The Value of Western Education and Networks

• Fred explains why his family sent him abroad, despite their local success:
  • "Generally, in this economic structure...it is technically run from the Western perspective. So if you want to grow your business, you need to go to the west, if possible, and learn." (09:45)
• The biggest advantage:
  • "Now as I'm sitting here I have friends from all over the world. If I need something, I can call somebody in China on my phone..." (10:09)
  • Living abroad demystified success for him: "The mystery of why you are not the white man doesn't...they are not mysterious anymore because you live in their system." (10:29)

Notable Quotes & Memorable Moments

• On teaching entrepreneurial lessons early:
  "Money is not mysterious. It's human beings who go and get money." — Fred [05:39]
• On the stewardship of family wealth:
  "You are just a custodian in your time. Take care of it, don't squander it because it's not yours." — Fred [06:59]
• On women’s contribution to business:
  "My grandmom, my dad's mother...didn't go to school, but...founded the largest market...A single mom with three kids had built a six bedroom house in Accra." — Fred [02:33]
• On global perspective:
  "Now as I'm sitting here I have friends from all over the world. If I need something, I can call somebody in China..." — Fred [10:09]

Important Segment Timestamps

• [00:01] – Fred’s personal factory crisis and lessons
• [02:13] – Core belief in ownership as a legacy
• [03:13] – Family history and intergenerational transfer of business acumen
• [05:37] – Early financial education and family business immersion
• [07:24] – Involving children in the family business
• [08:33] – Oral vs. written family legacy and constitutions
• [09:45] – Benefits and rationale for Western education and networking

Summary

In this compelling episode, Derrick Abaitey and Fred Ampedu break down the lifelong value of choosing ownership over employment. Drawing from vivid family history, Fred offers practical advice on entrepreneurship, teaching children about money, passing on business legacies, and blending global exposure with local roots. The conversation is a passionate argument for building generational wealth and ensuring that the next generation is not only equipped but inspired to carry the legacy forward.

Listeners are left with actionable insights on nurturing entrepreneurship, the importance of early exposure, open communication, and the reality that ownership is both a privilege and a responsibility—not just for oneself but for generations yet to come.