Ghanaian media executive and culture curator, Ruddy Kwakye, recently shared his insights on why many Ghanaian events fail to make profits. In an interview on Joy FM’s Showbiz A-Z, Ruddy pointed out that one of the main reasons for this is the practice of giving out too many free tickets.
According to Ruddy, event organizers in Ghana often distribute free tickets in order to fill up their venues. He emphasized that despite charging high fees for events, many organizers end up giving away a large percentage of tickets for free. This practice, he believes, is driven by ego rather than sound business strategy.
Ruddy’s comments shed light on a common complaint among event organizers who often announce sold-out shows but still report losses. Playwright Latif Abubakar, who also participated in the interview, echoed Ruddy’s sentiments by emphasizing the need to explore alternative revenue streams beyond ticket sales.
Latif emphasized that ticket sales alone are not sufficient to cover the costs of production. He highlighted the importance of securing sponsorships, partnerships, and investments to support event budgets. Additionally, he mentioned creating opportunities for companies to exhibit their products at events as a means of generating income.
One of the challenges faced by event organizers in Ghana is the burden of taxes imposed by the Ghana Revenue Authority. These taxes can significantly impact the profitability of events and add financial pressure to organizers.
Overall, Ruddy and Latif’s insights serve as a valuable reminder for event organizers to adopt a holistic approach to revenue generation. By diversifying income streams, exploring partnerships, and managing costs effectively, organizers can improve their chances of running successful and profitable events.
