Business leaders at GOBAA 2025 call for greater government backing to empower local enterprises
Business leaders and economic experts have urged the government to intensify its support for local startups and small businesses as a crucial pathway to address unemployment and stimulate inclusive economic growth.
The appeal was made at the 2025 Ghana Outstanding Business Achievement Awards (GOBAA) and its accompanying business forum in Accra, held under the theme: “Celebrating Business Excellence: Driving Innovation, Sustainability, and Economic Growth in Ghana.”
The call comes amid concerns over the structural challenges facing small and medium-sized enterprises (SMEs), despite their significant role in the economy. According to the Ghana Enterprises Agency (GEA), SMEs contribute over 70 per cent to Ghana’s GDP and provide nearly 80 per cent of private-sector employment. However, many SMEs continue to grapple with restricted access to financing, regulatory bottlenecks, and limited technical support.
“If we want to see long-term, sustainable economic growth, we must prioritise the entrepreneurial ecosystem,” said Mr Anthony Herbert Montford, Technical Director of Monty Prestige Engineering and Consultancy Limited (MPEC). “Our company was founded in 2016, and the journey hasn't been easy. For both local and international mining firms to now trust us with their equipment is not just a win for MPEC – it shows how local businesses can thrive with the right support.”
Speakers at the forum echoed similar sentiments, stressing the need for government collaboration with the private sector to enhance the transparency, accessibility, and impact of support schemes.
“Policy consistency, stakeholder engagement, and innovation-friendly regulations are critical,” one panellist remarked. “Targeted financial assistance, tax incentives, and technical support can unlock the potential of thousands of entrepreneurs across the country.”
Among the businesses recognised for excellence was Zipline Ghana, awarded Best Security Service Company of the Year. Its Head of Finance, Mr Samuel Nsiah Ansong, stressed the need for deeper public-private cooperation. “With enhanced collaboration between public and private sectors, we can create more job opportunities in security and logistics, particularly for the youth,” he said, adding that Zipline plans to expand its operations beyond Ghana’s borders.
Mrs Comfort T. Nomo, Country Manager of Cosmo Cosmetics Ghana, who was honoured as the Most Outstanding Personality in Cosmetics, reflected on the evolving business landscape. “The recent depreciation of the dollar has actually helped create more revenue and jobs in the importation sector,” she said. “Cosmo Cosmetics is here to stay, and we have plans underway to expand our brand reach across the region.”
GOBAA 2025 featured passionate keynote speeches and inspiring success stories, highlighting the ingenuity and resilience of Ghanaian enterprises. The event not only celebrated innovation and social impact but also served as a platform for strategic dialogue on entrepreneurship-led development.
Over the years, the Ghana Outstanding Business Achievement Awards has grown into one of the country’s foremost celebrations of business excellence. As Ghana navigates economic recovery and transformation, participants at this year’s forum were unified in their message: the country’s prosperity depends on the boldness and success of its entrepreneurs.