By Lola Masha, Regional Manager, North and West Africa, Bolt
The pursuit of earning opportunities through entrepreneurship has shifted from just being a trend to a crucial necessity.
This is especially true in countries in Africa, such as Ghana, where innovative programs are shaping the landscape for aspiring entrepreneurs. According to the World Bank, Ghana’s unemployment rate was 4.6% in 2021, with youth unemployment significantly higher.
The World Economic Forum highlights that over 70% of Ghanaians work in the informal sector, underscoring the urgent need for structured economic opportunities. One such initiative, the Bolt Accelerator program, aims to turn ideas into viable businesses, fostering economic growth and empowerment.
Entrepreneurship has long been a powerful driver of economic development. It creates jobs, fosters innovation, and enhances the economic resilience of communities. In Ghana, where small and medium-sized enterprises (SMEs) contribute around 70% to the country’s GDP, entrepreneurship offers a promising pathway to economic stability and prosperity.
However, the journey from a business idea to a successful enterprise is often fraught with challenges, particularly in terms of access to capital, mentorship, and market opportunities.
Recognizing these challenges, there is a growing commitment to empowering individuals not just as participants in the gig economy, but as potential entrepreneurs. Programs designed to identify and nurture entrepreneurial talent provide the necessary resources and support to launch businesses. This support extends beyond financial assistance, creating an ecosystem where ideas can flourish and sustainable businesses can emerge.
Seed funding plays a critical role in this. For many, such funding covers initial expenses like purchasing equipment, securing a business location, or marketing products and services, boosting confidence and demonstrating that entrepreneurial aspirations are valued and achievable.
Since the launch of initiatives like the Bolt Accelerator program, we have seen a diverse array of entrepreneurial ideas. From small-scale agribusinesses and tech startups to retail ventures and service-oriented businesses, the creativity and ambition of these aspiring entrepreneurs are truly inspiring. They are not only improving their own earning opportunities but also contributing to their communities by creating jobs and stimulating local economies.
In addition to financial support, mentorship and guidance are crucial. Access to experienced mentors can significantly enhance the success rate of new businesses. Partnerships with local business leaders and experts provide valuable insights, advice, and networking opportunities. This holistic approach ensures that aspiring entrepreneurs are well-equipped to navigate the complexities of starting and running a business.
The success of these initiatives has broader implications for sustainable development. By fostering entrepreneurship, we contribute to several Sustainable Development Goals (SDGs), including decent work and economic growth, reduced inequalities, and poverty alleviation. Furthermore, this aligns with national development agendas that emphasize the role of private sector-led growth in achieving economic transformation.
Through such initiatives, we set a powerful agenda for economic empowerment, demonstrating that with the right support, anyone can be an entrepreneur and contribute to the growth and prosperity of their community.
