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NEIP to support and develop entrepreneurial ecosystem under GETP project

Groupt Getp Photo The Project seeks to promote and strengthen a growth model

Wed, 7 Jul 2021 Source: Joseph Osei Oppong Brenya, Contributor

Project Coordinating Unit under the Ghana Economic Transformation Project-GETP of the World Bank meets management of the National Entrepreneurship Innovation Programme-NEIP on the strengthening of the entrepreneurial ecosystem and support for entrepreneurs.

The Government of Ghana with the support of the World Bank have developed the proposed Ghana Economic Transformation Project (GETP).

The Project seeks to promote and strengthen a growth model that is conducive to economic transformation to achieve higher rates of investment and productivity growth across the economy (especially in non-resource-based sectors), while also creating quality jobs and raising incomes.

The Project will be implemented jointly by the Ministry of Finance as the lead agency and other implementing agencies (Ministry of Trade and Industry (MoTI), National Entrepreneurship and Innovation program National-NEIP, Ghana Enterprise Agency (GEA), Ghana Free Zones Authority (GFZA), Ghana Investment Promotion Centre (GIPC), Ghana Standards Authority (GSA), Venture Capital Trust Fund (VCTF) and the Registrar General Department (RGD).

The proposed project will be implemented through the Ministry of Finance. Based on a preliminary assessment, the following World Bank Environmental and Social Safeguards Policies are applicable to the implementation of the project.

The National Entrepreneurship and Innovation Programme-NEIP among other agencies have been selected for component three(3) under the Ghana Economic Transformation Programme-GETP.

Accelerating Entrepreneurship and MSME growth will support entrepreneurship and MSME growth in non-resource-based sectors, addressing specifically the limited development of the MSME and entrepreneurship support ecosystem, including early-stage financing.

This project has four components:

Component (1) - Enabling investments, will focus on improving the enabling business environment, investment attraction capacity, and the quality infrastructure support system for companies that want to invest and grow their businesses in Ghana.

Component (2) - Crowding-in investments: Promoting spatial and industrial planning and development, will focus on enhancing the Government’s programs in investment promotion and spatial development (including Special Economic Zones), thereby addressing the constraint to access quality industrial land in the country.

Component (3) - Accelerating Entrepreneurship and MSME growth, will support entrepreneurship and MSME growth in non-resource-based sectors, addressing specifically the limited development of the MSME and entrepreneurship support ecosystem, including early-stage financing.

Component (4) – Project Management and Evaluation, will finance project management activities including fiduciary responsibilities, procurement, communication, and dissemination, as well as monitoring and evaluation of project implementation and its impact.

This will include capacity building for the Project Coordinating Unit (PCU), the Economic Transformation Unit, and the Resource Mobilization and Economic Relations Division (RMERD) within the Ministry of Finance (MOF).

Source: Joseph Osei Oppong Brenya, Contributor