Business News of Monday, 17 September 2018
Government has provided financial support to over 250 businesses selected from the Northern, Upper East and Upper West Regions under the Presidential Business Support Programme (PBSP).
PBSP is designed to provide funding, technical support, training, mentorship and business advisory services to Ghanaian start-ups, as well as small- and medium-size businesses, which constitute over 80% of businesses in the country.
At a ceremony in Tamale on Friday, 14 September 2018, Vice-President Dr Mahamudu Bawumia, assisted by corporate, business and religious leaders, presented cheques for between GHS10,000 and GHS100,000, to the leaders of businesses which had successfully gone through the rigorous selection process undertaken by the National Entrepreneurship and Innovation Plan, which is under the Ministry for Business Development.
The beneficiary businesses were competitively selected through the recommendations of the Private Incubation Hubs in a transparent, efficient and equitable manner to increase the likelihood of their success and sustainability.
The Youth Enterprise Support programme set up under the past administration provided support to 67 businesses at the time. An additional 2000 businesses have received support in the 19-month administration of the Akufo-Addo government.
Speaking after the presentation, Dr Bawumia underscored that this was yet another sign of Government’s commitment to supporting the growth of Ghanaian businesses, particularly start-ups, with about US$100 million committed to support entrepreneurial activities in Ghana, particularly those led by women entrepreneurs.
“Today marks a very important and exciting milestone in the life of our dear country. We have gathered here to celebrate and award financial support to the young men and women who have braced the odds to venture into the world of entrepreneurship.”
Dr Bawumia continued: “Through the Ministry of Business Development, government has made it a priority to create a favourable atmosphere to enable the private sector, including start-ups to flourish. In addition, we are working on the fundamentals of the economy, to stimulate the needed investments for significant expansion and growth of the national economy and the generation of wealth and jobs.”
The vice-president reiterated President Nana Addo Dankwa Akufo-Addo’s vision and primary objective of building the most entrepreneurial, business-friendly economy in Africa, which will create jobs and prosperity for all Ghanaians.
“This vision is clearly articulated in the Coordinated Programme of Economic and Social Policies (2017-2024) of His Excellency the President. The Government strongly believes that the private sector is a key partner and the main driver of our economic development agenda and we are therefore committed to the development of a thriving private sector in the country.”
Vice-President Bawumia urged the beneficiaries to work and justify their selection by reaching beyond the shores of Ghana.
“Entrepreneurship is not an easy journey, so be courageous, take the bold steps to build your businesses and be competitive.
“I would like to urge you to look beyond Ghana and set your sights towards neighbouring Burkina Faso, Mali, Niger etc. These are potential markets for your products. Also pay attention to product design and product differentiation, packaging and marketing so that your products will meet both local requirements and global standards.”
Minister of Business Development, Dr Ibrahim Mohammed Awal, expressed delight at the success of the programme so far, and urged the beneficiaries to work hard and create more opportunities and jobs for others.
According to officials of the NEIP, over 1,000 micro-, small- and medium-size businesses in the three regions up north, applied for support under the PBSP.
All the businesses were given the opportunity to go through a well-structured training programme to build their capacities to manage their various businesses.
The trainings were conducted by six Private Incubation Hubs across the three regions.
The businesses selected for funding, cover many sectors of the economy including agri-business and agro- processing; smock weaving; information communication technology; animal and livestock rearing; health; food and beverages; fashion (clothing & accessories) and beauty.