Entrepreneurship to drive Ghana Beyond Aid — Ken

The Minister of Finance, Mr Ken Ofori-Atta, has stated that entrepreneurship is the main driver of a Ghana beyond aid, so it is necessary to create the environment for them to thrive.

This, he says, is in line with government’s vision to create a confident and prosperous society, with the private sector playing a key role.

At the 4th edition of the African SME Summit in Accra, the Mr Ofori-Atta said: “An entrepreneur essentially solves a problem, generates revenue and is particularly about solving people’s problem.”

“So how do we create the enabling environment for them? It is always a risk and a matter of who has the capacity to take the risk,” he said.

Mr Ofori-Atta said the challenge of unemployment was a matter of national security and the government was determined to overcome it.

“We are at the stage where unemployment is a serious economic issue, a national security issue because we need people to work so that their great potential can be realised. Our approach going forward is to ensure that our relationship and partnership and business development is enjoined,” he said.

Initiatives

He said a total of US$10 million was allocated to the NEIP in the 2017 budget and was increased to US$50 million in the 2018 budget.

“By these we believe and hope the private sector (our implementing partner) will be able to leverage this and increase the fund to US$100 million. Through this, we hope small businesses will receive funding so they can create the jobs we want,” he said.

He added government, fully aware of the benefits of entrepreneurship, had introduced several initiatives including the lowering of electricity tariff, tax rebates for young entrepreneurs and opportunities in the Planting for Food and Jobs programme.

“More significantly, we are also negotiating with the World Bank for a $100 million grant to look at the whole issue of labour, entrepreneurship and productivity, among others. In addition is another US$150 million for on-lending through the banking institutions so that we get the appropriate type of financing required,” he said.

“So, we are completely aware of what we ought to do. We are a right to centre government and, therefore, our belief in the private sector-led growth is unequivocal. The vision is to create a self confident and prosperous society led by the private sector,” he added.

Mr Ofori-Atta said since the ages of 15 to 35 formed about 30 per cent of the population, it was necessary to find avenues for them to own and build their own businesses.

Supporting local businesses

The government, he said, was ready to support local businesses to develop the economy.

“We can develop the country if we play our civic roles well because we need to make the environment conducive for our businesses to operate,” he said.

The economy, he said, had shown macro stability in the last 10 months, something government was ready to improve next year.

“The challenge next year is to put Ghana back to work by Ghanaian entrepreneurs to enable them to realise their full potential. Business is Ghana (BIG) so we need to open our doors to make sure government engages with the private sector in this regard,” he said.