Minister for Business Development, Ibrahim Awal Mohammed, has announced government’s plans to formulate and implement a new policy to promote entrepreneurship in the country.
He said the policy would help to accelerate the growth of enterprises and encourage young entrepreneurs to venture into business.
Addressing entrepreneurs during an interactive session in Kumasi, the Minister explained that the new policy is to transform the country.
“We have already advertised for consultants and are in the process of selecting one to draw the policy. “We don’t need to reinvent the wheel, as there are best policies around the world to improve on and localize them,” he indicated.
According to him, the policy guidelines, which will be launched in August this year by President Akufo-Addo, would incorporate entrepreneurship fund for start-ups and other incentive schemes to encourage the formation of manufacturing companies.
Also to be included in the policy is entrepreneurship education and new technologies.
Mr Awal stated that inputs would be needed from various stakeholders and added that institutions such as Junior High School would offer training on entrepreneurship skills.
Mr Awal further hinted that government would from July, this year begin the disbursement of some $10 million to some young entrepreneurs, who have undergone training to create businesses.
He highlighted the contribution of women and persons living with disability to the growth of businesses.
“We’ve trained close to 10,000 young people across the country and out of them, we are going to select 700 and give them money. The President has already ceded $10 million and that money will go to support young people in various professions. In July/August we will start disbursing this money.”
“Women constitute 52 percent of this country and are very good businesspeople. You cannot grow an economy without women participation, and so this year we’re going to support at least 1,000 women; we’ll train them and we fund them to do business.”
“When we do that they can expand, employ and improve the lives of people. The President wants to make sure that Ghana grows inclusively to make the country a business environment for Africa.”
He revealed that the government would also partner private training institutions to provide entrepreneurial skills to entrepreneurs.
“We think that start-ups need space to grow. The essence of all these is to create jobs for our people. So we want to encourage people to go into entrepreneurship for which we are proposing a three-year tax holiday for them,” he asserted.
“We also have to help them with the market. There is no point in having a business that cannot sell. So 10 percent of all public-funded businesses and projects should go to start-ups,” the Minister said.
From Ernest Kofi Adu, Kumasi