Since 7th January this year, the Ghanaian business community has heard countless rhetoric from the government quarters particularly, the President who continually reiterates his commitment to promoting private sector growth through investment in Ghana’s entrepreneurship and innovation potentials.
However, those verbal promises have had some substance to it, at least since March.
Beginning in March 2017, when government announced massive tax cuts for businesses in various industries in the private sector, followed by a call for local investors or entrepreneurial participation in the on-going implementation of the ambitious one-district-one factory initiative and more recently, the announcement of a full implementation of the 3% Value Added Tax flat rate which has surprisingly been heavily criticized by a considerable number of sections in the country’s business community.
Today, that commitment has been taken to an even higher pedestal. This follows the launch by President Nana Akufo – Addo of Ghana’s National Entrepreneurial & Innovation Plan (NEIP) on Thursday – 13th July in Accra.
According to the President, who called it “a landmark initiative†NEIP is “targeted at accelerating the process of job creation and national developmentâ€.
He reiterated the priority of the Ghanaian government under his watch, to establish a strong economy that will thrive on the capacity of the private sector.
He stated specifically that the goal of his government was to “to build the most business-friendly economy in Africa and create jobs and prosperity for all Ghanaiansâ€.
He went on to assert that such goal require that government establish the right policy framework that will enhance expansion of businesses and job creation as well as promote entrepreneurial development.
However in recognition of the challenges faced by young entrepreneurs: paramount among which is capital, the Ghanaian government is pledging $10 million dollars to cater for financing needs for start-ups entrepreneurs who will enroll in the programme.
The NEIP is a multi-faceted initiative that comprises of an incubator program for potential entrepreneurs, financing and business development services, advisory on access to market, among others.
In the long-run, the Ghanaian private sector growth would have been truly stimulated and the result would be a vibrant economy that will serve as a shining example to Africa and the developing world.