By Ernest Bako WUBONTO
The Chief Executive Officer of the National Entrepreneurship Innovations Programme (NEIP), Kofi Ofosu Nkansah, is predicting increased funding for entrepreneurship programmes and start-ups in 2024.
Given that it is an election year, he suggested that there could be a rise in government funding for entrepreneurship programmes and start-ups. This is based on the historical trend of increased government spending during election periods, coupled with the current administration’s commitment to job creation through support for entrepreneurs and start-ups.
This announcement comes as a potential opportunity for aspiring entrepreneurs and small businesses seeking financial support to thrive in the current economic landscape.
According to Mr. Nkansah, state-funded entrepreneurship programmes have resulted in increased revenue and enhancements in business policy and operations among beneficiaries. These positive outcomes, with a ripple-effect on families, communities and local economies, promote stability and business growth. This success is likely to influence the government to allocate more funding to such initiatives.
“Any effect of the election year on support to start-ups and entrepreneurs would be an increase in the funding allocations. Most of these programmes started about a year or two ago and were not initiated simply because of the elections this year; so they will not be affected,” he said.
He made these remarks at the graduation ceremony of the AgriFood Enterprise Programme, an initiative of the Africa Skills Hub that provided young entrepreneurs with soft skills and funding support.
Notable initiatives within this portfolio include the YouStart Programme, which is a vehicle through which the government intends to provide funding and technical support to youth and youth-led businesses.
Launched in 2022, the government intends to commit about GH₵10billion over three years toward the creation of, at least, a million jobs in the economy.
Others are the Women MSME Programme to provide training and support for MSMEs owned by women, the Presidential Pitch Programme, the Youth in MSME Programme to provide training and support for MSMEs owned by young people, the PWD Enterprise Support Programme to provide training and support for MSMEs owned by PWDs, and NEIP Business Support Programme.
The AgriFood Enterprise Programme
The AgriFood Enterprise Programme, an initiative by the Africa Skills Hub in partnership with the National Entrepreneurship and Innovation Program (NEIP), the World Bank and the Ministry of Finance, is aimed at empowering micro, small, and medium enterprises (MSMEs) in Ghana’s Agrifood sector.
The inaugural cohort of 20 Agrifood entrepreneurs graduated successfully on completion of the course designed with an unwavering commitment to innovation. The six-month project provided the participants with intensive training, mentorship and hands-on experiences.
They were guided through adopting innovative practices, including sustainable farming and advanced food processing techniques.
Executive Director of Africa Skills Hub Foundation, Daniel Amoako Antwi, elaborated that beneficiaries of the programme are not just businessowners but also change-makers who believe in indigenous ingredients, sustainable practices and community-driven solutions for the future of agri-food.
“We are focused on supporting agriculture businesses and promoting job creation and economic prosperity in Ghana. As we bid farewell to Cohort One, we eagerly welcome the next wave of agri-food enthusiasts. The second cohort, comprising 50 dynamic MSMEs, brings fresh perspectives, diverse backgrounds, and a hunger for impact,” he said.
GH₵60,000 soft loan
Among the 20 graduates, six entrepreneurs were awarded soft loans of GH₵10,000 each to support their businesses.
The recipients include Gifty Dede Tetteh Badzi from Safe-haven Exclusive Foods, Wisdom Ofori Ntsomai representing N’mai Rooster, Vinolia Emma Zigah from Vinolia Wealth Enterprise, Bun Hanbal Zakari of BE Natural, Michael Essilfie-Ackah operating Essilfie-Ackah Farms, and Foster Tsey from Sterike Bites & Taste.
