Story: Boahene Asamoah
“THE desire to achieve things in life and the challenge to do what I set myself to do is what inspires me and not the money”, these are the words of Mr Paul Tse Jacquaye, Group Chief Executive Officer of Clydestone.
Born 43 years ago, Mr Jacquaye today heads one the country’s leading Information Technology firms in the country, Clydestone Ghana Limited and its subsidiary Remittance Processing Ghana Limited.
A dream he started some 17 years ago with two employees, and an initial capital of ¢200,000 in 1989 from savings he had made whiles in the United Kingdom, today employees over 118 workers and is worth more that ¢500 billion.
Born in Labone, a surburd of Accra, Paul started his elementary school at Labadi Wireless One Primary. He continue to Presbyterian Boys Secondary at Ada Foah and later enrolled at Universal College at Yilo Krobo where he studied accounting and business.
He left for the United Kingdom and obtained a Diploma in Business Studies from the North Hearths College and also Wood London College where he did further studies.
With no IT background, Paul saw an opportunity in the IT business in the country and decided to invest. Seventeen years down the lane, Clydestone has become a leading name in the providing solutions to satisfied clients. He has gone ahead to establish two other companies Transaction Solutions and Easy shop.
The usual “lack of finance and start-up capital for small and potential firms did not wear the man down. Instead, he was focused, determined and committed to his vision.
Clydestone offers networking, hardware and software installation services, systems integration, training and technical support. The company is authorised distributor for the Unisys Corporation and also an authorised Cisco Systems re-seller in the country.
The company has chalked a number of first positions. It was the first company to be provisionally listed on the Ghana stock Exchange (GSE), It was also the first IT Company to list on the GSE, the company was the first to introduced the electronic bill payment system in collaboration with the Ghana Post, first to introduce the automation of the clearing system.
From small beginnings, the company now boost of a list of clienteles including almost all of the financial institutions, which the company provides with their financial document processing product.
It also provides Local Campus Area Network to some the country’s blue chip company’s such as Unilever Ghana Limited, British American Tobacco (BAT), AngloGold Ashanti and host of others.
Transaction Solutions was also the first to install the independent AutoTeller Machine, which is hosted by ECOBANK and situated at six Shell Filling Stations in Accra.
It was also the first to install the electronic voucher recharge system for Areeba.
“We are always looking for new opportunities, especially areas where we can have a competitive edge which is relevant to solving business problems” Mr Jaquaye said.
He said the key to the success of the company has been to use cutting technology, coupled with its skilled human resources to provide business solutions to its satisfied clients.
Mr Jaquaye in 2004 did what many Ghanaian entrepreneurs are afraid of doing. He took his company to the Stock market to raise capital for expansion of the company.
“ I believed that people must also share in the success of the company, whiles raising capital for expansion”, adding that I want the company to outlive me”.
The stock market, he said, offers the opportunity to raise long-term capital for expansion.
“ Listing Clydestone on the stock market was good”, he said and mentioned that among the benefits of such listing, was the transparency, accountability to shareholders and good corporate governance.
Clydestone has gone ahead to establish its presence in Nigeria. Although the group CEO of Clydestone is aware of the enormous challenges that face the company, he believes, this was another challenge he was willing to undertake.
“ I want Clydestone to become a Pan-African firm committed to service quality and delivery”, he said
That is not the end, Mr Jaquaye intends to list Transaction Solutions this year on the stock market. The company at the end of last recorded a turn over of ¢198 billion.
“I am relentless in my pursuit to over come challenges and through hard work and with the grace of God, I am successful at what I do”.
My Jaquaye had a word of advise for Ghanaian entrepreneurs, “go to the stock market to raise interest-free capital”.
The man has set his eyes higher, Mr Jaquaye says, the company would soon establish its presence in South Africa and other neighbouring countries.
Again, he said such companies must demonstrate their ability to show growth in their business, be transparent and adhere to good corporate governance.
“It is good to spread the risk”, he said.
He said the establishment of the venture capital fund would go a long way to support local businesses in the country and called for a clear definition of Small and Medium Scale Enterprises.
Mr Jacquaye beleives, the young generation of today can make it to greater heights, only if “they work hard, stay focus on their vision and with God your side, you shall succeed”.
Mr Jacquaye happily married with five kids.
