Enhancing Growth In New Enterprises (ENGINE) business plan competition and entrepreneurship development programme has rewarded 76 entrepreneurs in Accra.
The competition is to award the most promising 100 entrepreneurs with funds to help them in financing the needs highlighted in their business plans and refine the business model for them.
The ENGINE programme is a four and half year project being implemented by Technoserve with funding from the UK and it seeks to equip micro, small and medium enterprise with the necessary skills and resources to improve their business plan and internal operations.
The awards is divided into three tiers with tier one awardees receiving £ 6,000, tier two taking £ 3,000 and tier three awardees receiving an aftercare package.
Mr Baba Adongo, Programme Director, said tier one and tier two category winners would be receiving an additional 12 months aftercare in the form of mentoring, networking and other business development services.
He said the aftercare would also provide support to firms and foster an environment where start-ups and early stage ventures would network among themselves to share ideas.
He said about 1,500 entrepreneurs have applied to the competition since its inception 16 months ago.
Mr Adongo commended the UK government for supporting entrepreneurial development in the country.
Mr Jon Benjamin, British High Commissioner, said supporting entrepreneurs is critical if the private sector wants to grow and provide the needed jobs.
He said small and medium enterprises consist of the bulk of the private sector and it is critical for the country’s economic growth and development.
He said the funding was part of a wider partnership initiative between Ghana and the UK to support and grow the Ghanaian economy and promote the relationship between the two countries”.
The British High Commissioner said since the inception of the programme GH? 2.23 million seed capital have been disbursed and business technical development assistance given to them.
He expressed the hope that by the end of the programme more businesses would be supported to overcome their challenges of capital.
Mr Rashid Pelpuo, Minister of State in charge of Private Sector Development, said the programme fits into the present economic drive to change the structure of the economy to export more and import less.
He said the drive would definitely contribute to the country’s Gross Domestic Product to reduce poverty.
Mr Pelpuo said: “Government is happy with the efforts of the programme to breed new crops of entrepreneurs to develop the economy.”
He said government intends to train about 300 young people in the area of entrepreneurship and this is expected to start from the three Northern regions.
Mr Pelpuo said the training would amongst others open their minds to the opportunities available to them in the business environment.
He said government is in the process of organising a SMEs Fair to bring together stakeholders to forge the way forward on how to support small businesses.
