The European President of China Europe International Business School (CEIBS), Dominique V. Turpin, has described entrepreneurship as vital in the fight against poverty and unemployment, and to leapfrog economic development on the African continent.
He stressed that an analysis of the continent’s economies over the years has seen entrepreneurship emerge as a powerful driving force in many nations, transforming economies and creating vast opportunities for individuals; hence the need to channel more resources into empowering the youth to spur economic transformation.
Additionally, he said, successful entrepreneurs create a multiplier effect within their communities by establishing businesses and generating wealth.
He nonetheless emphasised that entrepreneurs need capacity building or skills training, responsibleness and leadership qualities, and courage to drive change – hence the introduction of programmes such as Women Entrepreneurship and Leadership for Africa (WELA) and the Owner Director Programme (ODP) among others by CEIBS to equip entrepreneurs.
“We have young entrepreneurs from Ghana doing business with China, Europe and America who are scaling up their businesses. With more support to the youth in this space, more can be unearthed to drive development and catch up with the advanced world. So, we at CEIBS believe in training and developing the capacity of the youth and connecting them to markets globally with partners such as Alibaba,” he said.
Vice President and Dean of CEIBS, Frank Bournois, on his part reiterated that the potential of entrepreneurs in Ghana is huge because of the variety of innovations – especially the incredible talents and resilience of women entrepreneurs.
“The beauty of what we do at CEIBS is connecting students from the African continent to other campuses in Europe and Asia; and through that, partnerships and meaningful business networks are constructed to help the development of local resources – and this is how to leapfrog development,” he said.
Role of entrepreneurship in development
According to the International Labour Organisation, approximately 415 million people in Africa will enter the labour market by 2030. With limited job opportunities in the formal sector, entrepreneurship can serve as a significant avenue to absorb this burgeoning workforce; thus, reducing the unemployment rate and poverty levels.
Entrepreneurs contribute to local economic development, foster innovation and inspire other aspiring individuals. Their ventures not only create jobs directly but also stimulate the growth of complementary industries and supply chains, leading to increased economic activity and wealth distribution.
Furthermore, entrepreneurship offers an avenue to address Africa’s longstanding challenges – such as access to basic services and technology. Innovations in sectors like healthcare, agriculture and education have potential to improve the quality of life for millions in Africa. These innovations often come from entrepreneurs who recognise the need for affordable and accessible solutions to tackle these pressing issues.
Role of government
Touching on the role of government, he said: “It is important for government to create an environment wherein entrepreneurs can thrive, grow and take advantage of the Africa Continental Free Trade Area (AfCFTA) as well”.
In addition, Dr. Turpin emphasised the need to simplify processes and eliminate bureaucratic practices associated with business registration, licence acquisitions and access to government services critical to the sector.
Entrepreneurship has the potential to catalyse Africa’s socioeconomic development. By promoting entrepreneurship, governments can create job opportunities, drive economic growth and overcome various challenges. It is crucial for governments, private sector entities and communities to collectively embrace entrepreneurship and provide the necessary support to empower the next generation of African entrepreneurs.
