Profit-making idea: Elderly care management solutions

Profit-making idea is a series of short posts, each with a piece of information that we think you might find useful: for investment, for growing your company or to start a new business. Read our previous posts here.

In a recent interview, we asked Leticia Osafo Addo, managing director of Ghana’s Samba Foods, to identify an untapped business opportunity in Africa. Here was her response:

“Elderly care management solutions. Setting up home and health management solution facilities for the aged.

“Caring for a family member, a loved one, or a friend is not an easy task nor something everybody can or is prepared to do. Due to the advancement in science in general and medical science in particular, people are living longer than their forefathers. The population above 60 years old keeps increasing against the social services and care provided by the state or the private sector.

“More old people are being neglected.

“Another factor is the breakdown of the traditional extended family and the community system due to urbanisation and migration. [With the] influence of foreign culture, old people are confronted with a lifestyle that borders on destitution with apparently no one to care for them.

“The few lucky ones are saddled with children or other family members who are too busy trying make a living for themselves. The social security systems in most African countries do not include comprehensive care for the aged.

“However, people who have migrated in search of greener pastures are affluent but busy. [They] are prepared to pay for home and health care services provided by qualified professionals, and dedicated home and health care personnel, for their loved ones, parents and other dependents.

“It is for this reason this concept is being promoted to provide the needed home and health management solution for the aged in Africa. This is a business idea I think has a potential for great growth.”