We hear all the time that immigrants excel in their new environments. It could be because they feel the need to be accepted or it could be because one is on their best behaviour in unfamiliar territory.
Either way, it cannot be denied that children of African immigrants in Europe and America are doing marvelous things in their fields of study and work. Lisa Opoku is no exception to the rule.
The 18th edition of the MTN Business World Executive Breakfast Meeting had the pleasure of hosting the formidable Lisa Opoku. This event, the most anticipated business event of the calendar, was an exciting presentation of Lisa’s life. She spoke about growing up in the US, her meteoric rise to the top of her field and the helping hand she is providing with her charity work. She also provided in-depth insights into the global economy, how it affects Africa and how we can get off the sidelines and actively participate.
Early Life
Lisa grew up in US Minnesota with her Ghanaian parents and two other siblings. They were one of the very few black families in the region. To keep some sort of equilibrium in their lives, her parents were strict about keeping the home as Ghanaian as possible.
A combination of this discipline and the situation of being in the minority obviously had a huge role to play in the formidable force that Lisa has become in the Financial world.
Lisa Opoku is global Chief Operating Officer for the Technology Division and the firm’s global strategists for Goldman Sachs. In this role, she oversees the technology management and finance functions. She serves on the Technology Division Executive Leadership Group, Firmwide Technology Risk Committee and is a member of the Women’s Network and the Firmwide Black Network. Lisa was the chief operating officer for the Securities Division in Asia Pacific from 2009 to 2015.
Lisa was a corporate attorney in the law firm of Richards Spears Kibbe & Orbe, where she was assigned to work for a short period with Goldman Sachs, then her client. Goldman Sachs were so impressed with her work ethic, they hired her permanently.
Work Ethic
This work ethic includes asking herself each day, “did I achieve what I needed to achieve?” and if the answer was no, then she’d stay over and make sure she did.
Lisa encourages all to make sure to add value on a daily basis even if you have to stay over time and keep learning every day to add value to yourself.
“Be aware that there’s one large global market and this market requires us to be participants,” she said. We need to participate in this space.” She admonishes us to be ready because regardless of us the world is moving. The whole world is going electronic and it cannot be ignored.
She believes that Asia being a participant in Africa is an engine of growth but we have to be careful not to see investment as an act of charity. Investors mainly want to turn a profit.
She insists that we should know and understand what your assets are. Mark what we want to market and make sure we know what we’re negotiating.
“Make sure you have upside. It’s our asset; it’s our opportunity we need to make sure we are monetizing it.”
Any developing country is high yield because it’s hard work. Investors are forced to figure out and own every dependency in the supply chain because experts in particular areas are rare. This is an opportunity for local entrepreneurs to figure out key areas in supply chains in their fields that need their expertise and make that their core business.
Lisa also stressed the importance of having credit records. She cited mobile money as being an effective tool to do this. Credit records provide data for easy assimilation of situations.
Lessons From Asia
One of the lessons from Asia is that Lisa believed Ghana could benefit from can be found in India. According to her, India doesn’t allow banks to come into the system to only work with big corporations and government.
The government has a concept of financial inclusion and these banks are forced to put some part of their investment with taxi drivers, and market people etc. This means that they participate in the development of the general economy.
She stated clearly that when you’re focused on building relationships globally, you have to move at a global pace. The mind-set is important.
She explained this by illustrating that there’s indoctrination in locals schools in Asia. They instil national pride and pride in their heritage. They also focus on maths and science and are forced to do military service. It’s a controlled society.
Lisa reckons we can learn from this because even though freedom is important we can replicate the ideals of setting a national mission. We have to figure out what we want to focus on as a country and make sure we work in every way towards that mission starting from basic school.
On being asked what it means to be in such high office while being a woman she said she was inadvertently prepared for it by being the only black person in her school. She was a minority then and being the only black woman in a field of white males didn’t do much to daunt her.
She added that after many sessions with her executive coach, she stopped letting the guilt of leaving her children to work ruin her thinking. She feels the guilt is an unproductive use of time and women should learn to stop torturing themselves with it.
Finally she observed that Ghanaians are loath to tell it like it is. “We can’t seem to deliver bad news.”
Lisa said that as a business owner you have to over communicate to your investors, to your customers, to your employees etc. For example if your company is in trouble communicate this to your investors and employees. Transparency builds trust and trust goes a long way to help businesses succeed.
She’s also not afraid to fire people who do not contribute to the progress of her business, no matter what personal relationship she has with them. She also touched on developing a culture of providing incentives for good talent to stay with our companies.
The Benefit of Helping Each Other
On asked by a tweet what business she would start if she could, she answered that she’d go into data collection and assimilation because she believes that information is power. We are speeding into a world where information and data are the basis for everyday life.
One of the audience asked how she thought Africa could prevent re-colonisation.
She answered, “We have to have our eyes open about who our partners are and what we own and what we are willing to negotiate with.”
We as Africans also have to help each other and build a strong network so it is difficult for foreigners to break through and re-colonise us.
These might not be the best of times but this is the time when yields are high, when investors will get bigger equity so make use of these times.
Lisa believes in charity and giving back to society. She is chairman of the Board of Directors of the Foundation of Orthopedics and Complex Spine and is actively involved in the Dikembe Mutombo Foundation. She believes that our society will develop even faster if we help even those who can’t help us back.
The 18th MTN Business World Breakfast Meeting was a success, as usual and delegates expressed their anticipation of the next edition.