Entrepreneurs don’t only need money to thrive, but…

November 25, 2021 By 0 Comments

Contrary to the notion that all that entrepreneurs need is monetary support to thrive,  the Chief Executive Officer and Co-founder of African Center for Entrepreneurship and Youth Empowerment (ACEYE), Mr Emmanuel Aquah, has stated otherwise.

According to Mr Aquah, a research undertaken by his organisation indicates that what entrepreneurs need most is enabling and free environment to work in.

He made the comment while launching the Regional Entrepreneurship Freedom (REF) Index report in Accra recently.

The REF focuses on factors that inhibit entrepreneurial growth in all sixteen regions of the country and proffer solutions to improve growth.

Mr Aquah stated that that there are regions in Ghana where starting business is very difficult, while others have the enabling environment to operate and that it is imperative that the report is produced in order for people to get information and take the right decision when setting up businesses.

He noted that Eastern region emerged as the topmost region where commencing business and growing it is very easy. He attributed it to the fact that state or governmental control in the region is very minimal.

The second region that topped the chat was Ashanti region, which he explained that the region has a history of businesses thriving well and a very supportive entrepreneur environment.

That aside, the Ashanti region has also been able to maintain their indigenous institutions so they turn to understand the concept of entrepreneurship.

Talking about regions, such as the six new regions where the report discovered that businesses don’t thrive so well, Mr Aquah noted, “the first and foremost reason is the fact that they are new regions which are bedeviled with undeveloped road networks.

These new regions also lack administrative institutions to facilitate business registrations. These factors deter people from operating or investing in businesses over there.

“So note that the government has put a lot of interventions in place, intended to support entrepreneurs, but most of such interventions are not working and it is because of the lack of enabling environment.

“I think the way forward is to free up the entrepreneurial space, we should have institutions that actually do not become barriers to entrepreneurial growth, but rather enablers of entrepreneurial growth,” he suggested.

Mr Selorm Branttie, the Vice President in Charge of Strategy at IMANI Africa, who also spoke at the event, indicated that it is difficult for businesses in Ghana to transcend beyond Ghana’s borders.

He said this is because government structures put in place to help such businesses make it on the international scene rather suffocate it, by demanding so much money from them at their incubation stages.

He said there are instances where all what a startup needed was registration document or a nod from a government agency to make it unto the international scene, but such support is never given.

Meanwhile, when such companies are allowed to grow, they will contribute to the nation’s foreign direct investment.

He called on the government to really make a good assessment of the needs of Ghanaian entrepreneurs and provide the needed support.

The Managing Director, Calogeron Ghana Limited, Mr Ebenezer T.O. Yamusah, who gave out some solutions on how government can improve the entrepreneurial space advised that government should remove bureaucracies that young entrepreneurs encounter while registering their businesses.

He said government should also ensure that laws on copyright and patent rights are firm, since most young entrepreneurs have lost their business ideas because such laws are not too biting.

He concluded by calling on the government to also reduce politics in the entrepreneurship space as it doesn’t help young entrepreneurs to thrive