Business News of 2013-12-19

Global Business Incubation Initiative launched

Global Business Incubation Initiative of Ghana, a private sector initiative, which seeks to support economic development and job creation in various communities in Ghana has been launched in Accra.
It was on the theme: “Setting the grounds for sustainable job creation and economic revitalisation in Ghana.” It would promote the advancement of entrepreneurship programmes in modern business hatchery, nurturing and mentoring platforms across all the geo-political divides in the country.
Launching it, Mr Rashid Pelpuo, Minister of State for Private Sector Development and Public-Private Partnerships said his outfit was absolutely worried about the unfortunate rise in youth unemployment, graduate despondency, general poverty levels, hunger and mediocrity.
He said consequently the government has outlined several policy initiatives to curb the situation and some are brilliant and effective public-private collaborations that would contribute immensely to the overall economic development.
Mr Pelpuo said the Ghana Second National Term Private Sector Development Strategy, which spans 2010-2015 would focus on developing a thriving private sector to create jobs and enhance livelihoods.
“As a focal instrument for entrepreneurs, the strategy aimed to offer a low-operating-cost environment, access to affordable capital, diversified enterprises and a more competitive and efficient markets for goods and services.”
He said this would help make the country an attractive place for local and international entrepreneurs to start up and expand businesses and also encourage investors to put money in areas of the economy other than mining, telecommunications and finance.
The government and the private sector would focus on improving the level and quality of roads, power supply and communications while encouraging banks to provide affordable credit to reduce the costs and risks of doing business. “This clearly demonstrates government commitment to creating enabling environment for businesses to grow,” he said.
The Minister said, however, the government cannot achieve the task singlehandedly and that the private sector participating is much needed hence the collaboration with the Global Business Incubation Initiative to provide the needed business support services to create jobs and reduce poverty.
Mr Ebenezer Teye Dzabaku, Chief Executive Officer, explained that the initiative would help bring up people who are talented and creative to produce common items such as matches, napkins, toothpick, shoe polish among other things which are imported.
He said the incubation initiative would bring uniformity in doing business in the country and “I believe with confidence Ghana will make it when we join our forces together to ensure the destiny of our country”.
Mr John Alexander Ackon, Deputy Minister of Chieftaincy and Traditional Affairs, who chaired the function urged business men and women, especially the young ones to take advantage of the Global Business Incubation Initiative to expand their scope in business.