Pursue Economic Culture

By: Prof. Samuel Lartey

www.sammylaatey@yahoo.com
Prof. Samuel Lartey a business philosopher and lecturer at Carayol College shared some views
on how to attain economic leadership in turbulent times. This was part of The Carayol College
2015 Leadership Learning Journey program. He stated that nations, businesses and individuals
looking to become the next generation leaders will need to begin relying on their culture and
vision but not on money or strategic expertise, if they wish to succeed. He stated that a legacy
of empire is that you are only somebody if youve been to school and you only got a job
working for the old rulers if you had academic qualifications. This needs consigning to history.
It is now so much more about leadership and leadership doesnt just mean academic
qualifications. Some of Ghanas best businessmen and entrepreneurs have never set a foot in a
university what are we missing out on?

In his recitals, Prof. Lartey used a raft of examples and stories to emphasise that cultural
stewardship and vision are the contemporary keys to leadership, rather than formulas, finance,
process and strategy. Far too many people think improved financial results will get them to
the top - do you remember Enron (2001), Lehman Brothers (2008), Washington Mutual Bank
(2008), Worlcom (2002) and GM (2009)?
This isnt the case for a couple of reasons: One, is that our heritage will not be our destiny,
Prof. Lartey told the audience that Nothing has changed more than the financial
management functions and in turbulent times, becoming an expert is not good enough, you
need to lead. We all remembers the story of David and Goliath in biblical history a story told
in Sunday school - but we dont remember our national and corporate visions. What is
different? He expressed that far too many of our leaders have relied too much on hitting the
numbers and repeated the algorithms and formulas in the past but less is being done on
setting corporate visions. We need to create the culture to achieve the vision. Prof. Lartey
shared his advice with budding Fund Managers and an odd selections of business executives on
how to rise up above the waters in economic turbulent times.
Prof. Lartey added that the second cornerstone for economic leadership is to manage less and
lead a little more. You can train and measure management, leadership is different.
Unfortunately, this is an attitude we dont see enough of in our business and economic
management function, he said.
Thirdly, culture is more powerful than strategy, he said. No one can copy your culture, he
claimed. They can copy your strategy. Despite this, he pointed out about 97 per cent of
organisations today do nothing to craft their culture. Smart organisations obsess about their
culture, he said. The new generation of business and economic leaders, pay strict attention to
three disruptive changes: Demographic shifts, global power structures, and disruptive
innovation. As a result of these factors, the pace of change organisations have to embrace to
remain relevant has rapidly accelerated. While it used to be the case that businesses could take
about five years to transform and refresh, the new business lifecycle is currently sitting on the
new economic trilaterals. The successful economies considers what the leadership must start
doing to positively improve the economy, secondly what the leadership must stop doing to
positively improve the economy and what is it that they are doing right that must be culturally
embedded?
Economies today are becoming volatile, uncertain, complex and ambiguous, Prof. Lartey said.
Management wont cut it, nor will strategy. You cant navigate that. You have to get used to
ambiguity, and not going back to simple, consistent ways, he said. In addition, organisations
are facing global overcapacity in every industry, making it even more imperative to find a
differentiation point. Adding to this is commodisiation and the fact that products released
today can be copied tomorrow, he said. It doesnt help that everything is cheap either, he said.
We need to set our vision and create the culture to attain the desired results.

Prof. Lartey concluded with his very regular corporate anecdote: He said picture the scene with
me if you will. The New York Times in 1923 reported that there was a gathering of financiers
held at the Edgewater Beach Hotel in Chicago, Illinois. Among the attendees were eight of the
world's most successful, influential and wealthy men. These were men who controlled more
resources and assets than the US Treasury. Indeed we must admit that they were men who
had found the secret of money making.
Those present were:
1.
2.
3.
4.
5.
6.
7.
8.

The President of the largest Industrial Steel Company.

The President of the largest Utility Company.
The President of the largest Gas Company.
The President of the New York Stock Exchange.
A member of the Presidents Cabinet.
The Greatest Bear on Wall Street.
The Head of the worlds greatest monopoly.
The President of the Bank for International Settlements.

25 years later:
The President of the largest industrial steel company, Charles Schwab died a bankrupt. He
lived on borrowed money for five years before his death.
The President of the largest utility company, Samuel Install died a fugitive from instant justice;
he was penniless in a foreign land.
The President of the largest gas company. Powell Hobson became insane.
The President of the New York Stock Exchange. Richard Witney served time in Singsing Prison.
A member of President Hardings Cabinet. Albert Fall was pardoned from prison so he could
die at home.
The Greatest Bear on Wall Street. Jessie Livermore died of suicide.
The Head of the worlds greatest monopoly. Ivan Cougar died of suicide.
The President of the Bank for International Settlements. Lyon Fraser died of suicide.
[The end.]
The scenario happens many times to us wherever we find ourselves. Indeed all of these men
learnt well the science of making money. Unfortunately, none of them learnt how to live. They
did not learn the art of living well with other people.