High cost of business registration killing young entrepreneurs - GCYE

Chief Executive Officer (CEO) of the Ghana Chamber of Young Entrepreneurs (GCYE), has called on the government to come up with a policy document that will support young Ghanaian entrepreneurs to grow their businesses.

Sherif Ghali believes this would encourage the youth, particularly graduates who are willing to have their own businesses but are unable to do so as a result of the numerous challenges that confront entrepreneurs in the country.

He cited the high cost of business registration, delays in getting approval from the Food and Drugs Authority (FDA) and the Standards Authority as challenges that are hindering the youth from venturing into entrepreneurship.

Addressing young entrepreneurs at an interactive forum held by the GCYE in collaboration with the National Entrepreneurship and Innovation Plan (NEIP) in Accra, Sherif Ghali said, “Imagine somebody who has GHC500 and wants to start a business and you go to register under limited liability and you’re paying GHC600 – GHC750, at the end of the day you don’t have anything to start your business.”

“So we are saying pragmatically, there should be a document that will guide the government as to what to do for young people, if not we’ll continue to face these challenges,” he stressed.

Mr. Ghali, however, commended government for introducing the electronic business registration system which according to him would eliminate delays that were hitherto encountered during the process.

The GCYE CEO also urged the young entrepreneurs to unite and support each other in building strong and sustainable network of business owners in the country.



About Ghana Chamber of Young Entrepreneurs

Ghana Chamber of Young Entrepreneurs (GCYE) is a Non-Governmental Organisation and the national movement of young entrepreneurs which was launched in 2015.

The GCYE unites, engage and support young entrepreneurs in their pursuit of economic prosperity by driving trade, advocate for reforms and providing business support services to startups.

It also provides information on the funding source, improving the business ecosystem, and enhancing the entrepreneurship culture in Ghana.

Members of the group have access to funding opportunities and are guided by experts on how to sustain their businesses through practising business-friendly strategies.

They are also assisted during business registration to reduce the stress involved in the exercise.