Government raps entrepreneurs on sound business innovations

Government has reiterated its strong will to ease the pressure on businesses and make them well positioned to drive job and wealth creation.

Addressing a gathering of entrepreneurs, corporate executives and the diplomatic community at the 7th Ghana Entrepreneur and Corporate Executives Awards (GECEA 2017) in Accra, a speech read for Business Development Minister, Mohammed Awal, said government is keen on seeing through a number of interventions—specifically innovations that will increase access to credit by the business community.

“We are looking to improve the liquidity of banks by paying all state-owned enterprises related debts that have become an overhang on the banks,” the speech read by Deputy Information Minister, Kojo Oppong Nkrumah, said.

“There are also efforts from government to improve the single obligor limit of commercial banks so that they can give out more loans to businesses. Government is also working with the banks to support mobile money operations to facilitate real time and seamless financial transactions.”

The rolling out of such innovative and competitive avenues is meant to grow the base of indigenous Ghanaian entrepreneurs to add value to their business, the minister said.

“We believe that these and many other measures will instigate businesses to strengthen the economy as well as create the needed jobs and incomes.

Government recently launched the National Industrialisation Revitalisation Programme; an economic intervention initiative to provide a GH¢200 million technical and financial support as stimulus package to existing companies that are in distress.

The Business Development Ministry is also rolling out the National Entrepreneurship Innovation Plan (NEIP), which will focus on promoting the quality of entrepreneurship and business innovation.

To this end, the minister called on business people to practice good corporate governance as their response to the government’s prudent economic interventions to achieve the maximum impact.

“Corporate institutions should rely on strong boards and management teams who will guide the direction of the business. We encourage entrepreneurs to do their best to comply with the regulatory standards in the various sectors in which they operate to facilitate business excellence.”

Ghana Entrepreneur and Corporate Executives Awards (GECEA) is an initiative of Entrepreneurs Foundation of Ghana to reward entrepreneurial excellence towards national development.

This year’s event was held on the theme: Promoting economic growth through private sector development” and was under the headline sponsorship of Omnibank.

Corporate executives who were recognised include the MTN Ghana boss, Ebenezer Twum Asante; CEO of OmniBank, Philip Oti Mensah; Group CEO of CDH Financial Holdings, Emmanuel Adu-Sarkodie; and the CEO of Databank Group, Kojo Addae-Mensah.

Founder and President of Groupe Ideal, Nii Kotei Dzani, was crowned the ultimate “Entrepreneur of the Year 2016”. Other awardees were the CEO of Rigworld International Services, Dr. Kofi Amoa-Abban; and Group President for McOttley Holdings, Richard Dugan.

Managing Director of Nestle Ghana; Freda Duplan, CEO of West Blue Valentina Mintah, CEO of Home Foods production & cannery limited, Felicia Twumasi as well as CEO of Western Publications, Gina Blay were also recognised for sterling performance in their various fields of operations.