Gov’t to set up Entrepreneurship and Innovation Authority

Dr. Ibrahim Mohammed Awal, Minister for Business Development

Government has said it intends to create a Ghana Entrepreneurship and Innovation Authority (GEIA) in order to implement the National Entrepreneurship Policy.

A draft report shows that the authority will be a monitoring and evaluation mechanism through which all activities being undertaken in implementing the policy can be tracked and reported.

It will compose a computerised database and e-tracking system to perform a number of functions. The purpose is to promote a conducive entrepreneurial environment, and also empower entrepreneurs to emerge, grow and thrive.

GEIA will also collaborate with counterparts at the Ministry of Trade, Ghana Investment Promotion Centre and various local and international partners to develop markets.

Speaking at a stakeholder’s engagement workshop on the draft National Entrepreneurship Policy, the Minister for Business Development, Mohammed Awal, said about 82 percent of businesses in the country are owned by young people and it is critical to support them.

He stated that the policy, when validated and launched, is expected to be owned by Ghanaians.

“In this country young people are afraid; when they go to school, they want to finish and come to work with government. Some 120,000 people graduate from our universities and less than 10,000 of them get jobs; the others must find their own business, as the public sector is choked.

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“So, what the president wants us to do, is to see how we can develop an entrepreneurial culture, and have an ecosystem that encourages people to take risks.

“We want to develop a policy that will make Ghana the entrepreneurial hub of West Africa; young people must be encouraged, supported to grow businesses. When we do that, we will create jobs and wealth,” he added.

Another proposed policy action expected to be undertaken when the GEIA is fully operational is government will institute a National Business Development Plan of Action, through which it will pursue actions and monitor progress of government-led entrepreneurship policies throughout Ghana, especially among rural populations.

A nationwide baseline survey under the auspices of the MoBD and in collaboration with counterpart MDAs will identify current attitudes toward entrepreneurship and assess entrepreneurial activities and potential at community level.

The stakeholder’s engagement workshop on the draft National Entrepreneurship Policy was under the auspices of the Ministry of Business Development and Busac Fund.

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