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Business News of Friday, 21 July 2017


Government to triple allocation to innovation – President

President Akufo Addo has announced the establishment of a technology commercialization unit to harmonise the collaboration between industry and academia to promote science and innovation in Ghana.

In addition, he has disclosed of efforts to triple the allocation to research within the medium to long term to drive growth of innovation in Ghana.

The President made the remarks at this year’s Innovation Prize for Africa Awards hosted in Ghana.

The 2017 edition of the Innovation Prize for Africa had in excess of 2,500 nominations across Africa.

This number was whittled down to the final ten nominees who were awarded for their ingenuity.

The overall winner of the 100,000 dollars is 58-year-old Mechanical Engineer, Aly El-Shafei from Egypt.

Dr. El-Shafei’s innovation is a versatile smart bearing which enhances the performance of turbines thereby reducing cost in the generation of electricity.

He explains to Citi Business News his innovation was premised on the fact that 1 percent increase in electricity in Africa translates into 0.8 percent rise in GDP.

One of the four female finalists, Philippa NgajuMakobore from Uganda was adjudged 2nd winner with a cash prize of 25,000 dollars for her project which controls the fluid flow in the administration of infusion.

The recipient for social impact, Dougbeh Chris Nyan of Liberia also received 25,000 dollars.

Meanwhile each of the remaining seven nominees received a voucher of 5,000 dollars.