My enterprise economy better than Mahama’s 24-hour economy – Alan Kyerematen

Presidential Candidate for Movement of Change, Alan Kyerematen, has emphasized the importance of an “Enterprise Economy” as a sustainable solution to Ghana’s economic challenges.

Speaking at the IEA Evening Encounters on October 1, 2024 in Accra, Mr. Kyerematen highlighted that the key to creating jobs and fostering innovation lies in developing an economy driven by private enterprise, entrepreneurship, and continuous innovation.

According to him, an Enterprise Economy will not only transform Ghana’s economic fortunes but also build a foundation for long-term growth, rather than relying on short-term, surface-level solutions like the 24-hour economy.

He cited examples such as Enterprise South Africa, Enterprise Mauritius, Enterprise Botswana, Enterprise Senegal, and Enterprise Nigeria, all of which he helped set up through the United Nations Development Programme (UNDP) Enterprise Africa initiative.

These initiatives created employment opportunities, stimulated local entrepreneurship, and fostered innovation, proving the model’s effectiveness in diverse economies.

Before spearheading these projects across Africa, Mr. Kyerematen pioneered a similar program in Ghana called Empretec, which was supported by the United Nations and Barclays Bank.

Empretec laid the foundation for entrepreneurial growth and private enterprise development in Ghana by providing skills and resources to budding entrepreneurs.

“What I want to build in Ghana through the Enterprise Economy is something I have done successfully in other African countries. I can say with pride that about 60-70% of top-tier performing companies in Ghana passed through my hands at Empretec,” Mr. Kyerematen remarked at the event.

Mr. Kyerematen also recalled his role in South Africa’s post-apartheid economic transformation.

He mentioned that when Nelson Mandela became President, he was one of seven experts invited to assist in restructuring the South African economy to favor black enterprise development.

This experience, according to him, not only solidified his expertise in driving economic change through enterprise but also validated his belief that a robust Enterprise Economy is the key to solving Ghana’s unemployment and development issues.

In response to a question on whether he would implement Mr. John Mahama’s 24-hour economy when he becomes president, Mr. Kyerematen said, “Unfortunately, I can’t explain the 24-hour Economy for my friend and brother John Mahama, but what I can tell you is that I have a better one – an Enterprise Economy.”

He further pointed out that while a 24-hour economy focuses on maximizing the use of time and resources, it is the underlying economic structure that determines its success.

“If there are no enterprises, no entrepreneurs, and no innovation, what will the 24-hour economy be built on? It will just be a fleeting moment of productivity with no lasting impact,” he added.

The Enterprise Economy, according to Mr. Kyerematen, will create a dynamic ecosystem where businesses can thrive, innovate, and expand, thus creating sustainable jobs and driving economic growth. This, he believes, is the right approach to lifting Ghana’s youth out of unemployment and setting the nation on a path to prosperity.

In conclusion, Alan Kyerematen reaffirmed his commitment to building an Enterprise Economy in Ghana, one that he has successfully implemented across Africa and beyond. “The future of Ghana lies in the hands of private enterprise and entrepreneurship. With an Enterprise Economy, we can build a nation of innovators, job creators, and wealth builders,” he said.

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