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Business News of Friday, 11 May 2018

Source: citinewsroom.com

Government to launch Entrepreneurship Policy in August

Business Development Minister, Ibrahim Mohammed Awal has announced that Government will by August this year launch an Entrepreneurship policy to serve as a guide for the development and support of entrepreneurs across the country.

According to him, a comprehensive policy guideline is needed to provide the needed space, encouragement and the scope for entrepreneurs to work.

This he believes will go a long way to aid Ghana’s transformational process.
He said thirteen (13) consultants have already applied out of which one will be selected to draw a policy for entrepreneurship development and support.

He indicated that the consultant would pick the best entrepreneurship policies around the world that will be suitable for the local conditions in the transformation of entrepreneurs in Ghana.

The Minister disclosed this at a meeting with sixty-four (64) entrepreneurs in the Ashanti Regional capital, Kumasi.

“We think that, if we support deliberately, young people, men and women, they will help develop Ghana and transform the economy that the President wants to do. So the policy hopefully will be launched latest August of this year”, he added.

Tax holiday for startups

The Minister has said plans were also underway to give a three-year tax holiday to startups to enable them to plough back profits that will provide more capital to sustain and expand their businesses.

The move he maintained will help create jobs, improve livelihoods and give startups more space to grow.

He said his Ministry was also considering giving 30% of all Government or public funded projects and businesses to startups to serve as a ready market for them to grow.

Entrepreneurship curricula

The Minister emphasised the need to include the entrepreneurship culture in the lives of Ghanaians, hence there were processes to teach entrepreneurship courses into the educational system of the country.

He mentioned that his Ministry would develop content with the Education Ministry on how to include entrepreneurship training into the education curricula.

He said the challenges raised by the entrepreneurs include access to market, funding and the frustrations they face from the actions of regulatory agencies like the Food and Drugs Authority (FDA), the Ghana Water Company Limited (GWCL), Electricity Company of Ghana (ECG) and others.

He, however, said the Ministry has taken note of the concerns by the entrepreneurs and will take steps to address them.

Participants’ response

Chief Executive Officer (CEO) of Kumasi Hive, George Appiah who spoke on behalf of the entrepreneurs welcomed Government’s commitment to empowering young people to grow and expand their businesses.

He said funding was one of the biggest challenge facing entrepreneurs in Ghana.

He cited the registration of businesses and taxation of startups as other challenges that impede the growth of startups in the country.

He also commended the Ministry of Business Development’s announcement of providing tax holidays for startups in the country.

Mr Ansah has therefore called on Government to support the growth of entrepreneurs across the country.