Provide tax incentives for young entrepreneurs - Godwin Amla

CEO of Wintrust Group, Mr. Godwin Kwesi Amla, has called on the government to provide tax incentives for Ghanaian young entrepreneurs, this he said would encourage many young graduates with great business ideas to embark on entrepreneurial ventures in the country.

This according to him, it will relief government of the burden of employing graduates into the formal which intend to affect government’s efforts to develop the country.

Mr. Amla who have stakes in the financial and hospitality sectors in Ghana also stated that if more graduate starts their own businesses it will increase government revenue and boost economic activities in the country.

In an exclusive interview on Biz Trends TV Show hosted by Enyonam k. McWonder, Mr. Amla praised the government for their economic policies however he further appealed to the government to also take a critical look into the microfinance industry so as to formulate policies to increase the confidence of stakeholders in the industry.

He noted that it is an industry the government can leverage on to achieve most of its economic policies, such one district one factory, graduate employment and revenue mobilization. etc.

He disclosed that one of the challenges facing young entrepreneurs is the interest rate charged on loans is too outrageous hence does not help startups to compete with our foreign competitors.

Amla however advice young entrepreneurs to have clear but simple vision and not complex in order to avoid them getting crushed along the way. He said most startups venture into business with the mind set of making fast cash hence they combine more than one vision without seeking for counsel or mentorship as a result, most of such startups end up failing.

He also said in order to succeed in business, the product, startup capital, employees, business location and target market are very key to having a successful business.

He finally said after all his achievement, he still he takes so much inspiration and lessons from his former boss Mr. Ken Thompson CEO of Dalex Finance and Hon. Ken Ofori Atta the current Minister of Finance, hence he advised startups to equally do so to guide them in their journey of becoming successful entrepreneurs.

Biz Trends is a 30 minutes business talk show airing on GHONE TV every Tuesday between 5-5:30pm. Entrepreneurs from different sectors are a feature and engaged in very exciting conversations highlighting the challenges, failures, and risk they were confronted with but managed to succeed amidst all this.

The interview also touches on services provided by these entrepreneurs as well as using the platform to enlighten startups who intend to venture into such line of businesses.