- Advertisement -

Ghana Young Entrepreneurs (G.Y.E.), an association of young entrepreneurs, has commended President Nana Addo Dankwa Akufo-Addo for creating the Ministry of Business Development.

The group said the initiative would ensure that the right environment created for players in the private sector to expand their businesses and contribute to job creation.

Speaking at its first national conference held in Accra yesterday, the Founder of the G.Y.E, Mr Abdulai Sheriff Ghali, called on the designated sector minister, Mr Mohammed Ibrahim Awal to come out with innovative policies to boost local businesses.

Business ministry

President Nana Akufo-Addo has named 36 persons for various ministerial positions, including a Ministry of Business Development, carved out of the Ministry of Trade and Industry.

If approved by the vetting committee of Parliament, Mr Awal would be required to lead the way in implementing policies to spur growth in the business sector, as well as tackle challenges that the sector had faced over the years.

Good policies

Towards this direction, Mr Ghali observed that the way forward for the new ministry to live up to its mandate was for it to formulate policies that would ensure access to funding for businesses, while processes involved should be less stressful.

He further noted that motivating the youth to start their own businesses should begin at tertiary institutions where skills in entrepreneurship would be instilled in the students.

“While there is the need to infuse entrepreneurial skills through activism and mentorship sessions, it is equally necessary for investment and funding mobilisation avenues to be made obtainable from government and private sources to support young entrepreneurs,” he said.

Legacy businesses

The Vice Chairman of the West African Young Business Chief Executive Officers (CEOs) Forum, Mr Kwame A. A. Opoku, said the best way for businesses to thrive was to pursue investment in legacy ventures.

“If businesses will have to be sustained in the country, we have to begin looking at investments that will be continued by future generations. To do so, we would have to delay instant gratification in order to make right investments,” he added.

Networking

For his part, the CEO of the Association of Ghana Industries (AGI), Mr Seth Twum Akwaboah, urged young prospective entrepreneurs to form partnerships and focus on creating networks to build their business ideas.

He said it was through partnerships that ideas and resources could be pooled to promote the growth of businesses.

Source: graphic.com.gh

SHARE
Previous articleTheresa May promises ‘active’ industrial strategy.
Next articleOne district, one factory…Action in 6 mths — Alan Kyerematen
ADRDAILY
ADR Daily is a one stop news portal with a focus on providing world-class Appropriate Dispute Resolution, Human Resource Management and Labour Relations news, and also a resource base for all ADR, Human Resource and Labour Relations (Industrial Relations) issues. With the growing trends on increased demand on the ADR, HRM and IRM practice, there is the need for a resource center where practitioners can access news, follow-up on and contribute to development in their field of practice. The ADR Daily news portal seeks to become a pivotal partner in not only addressing those needs of professionals, but also creates a network of professionals across the continent and the world that will bring together their expertise to enhance best practice.