The youth is the real engine for economic growth – Yofi Grant

Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Yofi Grant, has stated that young entrepreneurs are the future drivers of a stable Ghanaian economy.

Yofi Grant downplayed assertions that the private sector is the main drive of an economy arguing that the vibrancy and the energy exhibited by startups are the essentials for a bright economic future.

“Normally you would hear that it’s the private sector that is the engine of growth. Actually, it’s the youth. The youth is the real engine of growth – it’s the currency of our future economies.” He indicated.

The GIPC boss was speaking at the 3rd edition of the Young Entrepreneurs Forum (YEF) held in Accra today.

Themed “Connect, Accelerate, Grow: Breaking Boundaries”, the event which saw hundreds of young Startups in attendance was to continue the sensitization process of sharing GIPC’s strategy and provisions of the GIPC ACT 865, providing leadership and entrepreneurship training as well as facilitating access to resources, markets and funding for young entrepreneurs.

According to Grant, an economy must not only centre on macro stability but on the growth of a synergy of Startups which does not only create more businesses but employment on a larger scale.

“I would like to urge you to hold on to your dreams because your dreams are what is going to make this economy great again. It’s the energy you put in that is going to make this country great again.”

Addressing the attendees, he advised them to remain focused as dedication is what enables growth and makes their businesses go global.



“An economy is not just macroeconomic stability. It is the growth, the energy. It is the fusion of energies that businesses put together to create more businesses that will create more jobs.” The GIPC boss emphasized.

Startups urged to take advantage of numerous government policies

Yofi Grant encouraged participants to take advantage of government’s policies on private businesses like National Entrepreneurship and Innovation Programme and capitalize on grants which seeks to nurture, incubate, promote and facilitate small businesses and Startups.

In his words, “The current government in the manifesto had a policy of engaging the youth so in its first budget indicated that young businesses and entrepreneur will have a tax break for 5 years and then the subsequent years they will have an incentive of a lower taxation level of 20% if they are in certain sectors of the economy.”

“You should take advantage of it. You shouldn’t just read. The National Entrepreneurship and Innovation Programme which has been by government with some amount of money which will nurture, incubate, promote and facilitate small businesses and startups especially by young entrepreneurs,” He added.

The two-day forum is expected to bring together over 500 participants and 50 exhibitors from the Agric and Agro-processing, Technology, Energy, Manufacturing, Banking and Non-banking as well as Fashion and Lifestyle sectors who will exhibit their products and services.