We are taking steps to develop Ghanaian business into global giants – Akufo-Addo

President Akufo-Addo has re-echoed his government’s commitment towards entrepreneurship and start-ups with the vision of creating businesses that can compete globally.

He bemoaned the lack of support for start-ups over the years, expressing his disappointment at the inability of the country to grow ideas and businesses that came up in the past into global giants.

Citing the success stories of companies in other parts of the world and how they started like Facebook and Google the President stressed it is time for Ghana to nurture business to flourish as it seeks to become the leading country for doing business in Africa.

To this end, Akuffo-Addo reiterated some measures that has been put in place such as reduction in tariffs, reduction in inflation rates, interest rates and digitisation etc to improve the ease of doing business and create the enabling environment to grow.

He, therefore, noted that it is thus not surprising that as a private sector oriented government, various initiatives and incentives are being instituted such as NIEP, YES and setting up of a Ministry for Business Development to support private enterprise realise its much talked about place as engine of growth of a nation.

“We on the other hand in Ghana have not done so well with incubating ideas and developing them into global giants even though we have lots of enterprising, creative and innovative youth seeking opportunity as we have seen this morning. My government is determined to buck the trend. A journey of 5, 000 miles begins with the first steps, we are taking the first steps. We have established the Ministry of Business Development under the able leadership of a successful entrepreneur and visionary leader Mohammed Awal Ibrahim to help grow businesses in Ghana. The Ministry launched the National Entrepreneurial and Innovation Plan with initial start-up capital of GHC10 million to support young entrepreneurs start-up their business” he said.

“That is why government has put in place measures intended to reduce the cost of doing business and improve the business environment. Our actions have resulted in the growing stability of the macroeconomy, reduction in inflation, reduction in utility tariffs and abolishing of nuisance taxes with the aim of shifting the economy from taxation to production. All these measures are being undertaken to stimulate enterprise activities and growth which we are in fact witnessing” Akufo-Addo remarked during his keynote address at the maiden Presidential Pitch For Start-ups programme.

The event organised by the Ministry for Business Development was attended by individuals from the private sector and members of the diplomatic corps.

The initiative opened to people within the age range of 18-35years received over 2000 entries from individuals with startup ideas from various sectors including agro-processing, ICT, engineering, tourism, textile, sanitation and transportation, among others.

Ten finalists selected from the number presented their idea before the President at the event out of which 19-year-old SHS graduate Vanessa Aisha Limann from Gwollu in the Upper West Region won the challenge.

She hopes to develop an agri-processing plant in the Sissala West District of the Upper West Region with the capital she earned from the challenge and expand the existing business to other parts of the country within three years.

“I am located in the Sissala West District so I am going to use the funding to invest in machinery and equipment that can help me produce in large quantities and also acquire good quality materials and airtight containers that will attract new buyers and also partake in local and international trade fairs. My plan is to produce there, package and distribute to various outlets” she told the media after the ceremony.

Business Development Minister urged entrepreneurs to be humble, and learn to persevere as they face challenges in the course of their business growth.