Ghana’s Ministry of Business Development and the Institute for the Creation and Development of the Enterprise (INCYDE) have signed a GH₵30 million agreement to boost entrepreneurship. The agreement is to support young, promising entrepreneurs to engage in exchange programmes in Spain from March 2019.
2,000 young entrepreneurs will benefit from this programme as the government hopes its youth will imbibe the entrepreneurial spirit. They will be attached to Spanish companies to give them firsthand knowledge of how businesses are run.
Ghana’s Business Development Minister, Mohammed Awal said the objective of the programme is to provide young entrepreneurs with the necessary skills, networks and ability to create businesses that will stand the test of time.
“It’s a long-term program to build young people who are confident and competent of moving Ghana beyond aid. We will train trainer of trainers who will subsequently train others across the regions,” he said.
“The problem we have in Ghana is that 75 percent of all businesses that are created do not go beyond five years. We, therefore, cannot grow ‘Ghana beyond Aid’ if our businesses do not go beyond five years. It is not the best that only 25 percent of entrepreneurs in the country go beyond five years,” he added.
Spain’s Ambassador to Ghana, Alicia Rico was also at the signing of the agreement.“Spain will accompany and support Ghana at this very important moment in history, and we will continue encouraging Ghana to continue on this path of economic transformation, as well as generation and creation of wealth in the country,” she said.
“It is to offer training for entrepreneurs to set up business and search for adequate financing for the creation of jobs and wealth. With this cooperation, we want to contribute to the Ghana Beyond Aid agenda. Ghana has a very entrepreneurial spirit and this will benefit the country,” she added.
INCYDE Foundation is a Spanish Chamber of Commerce initiative that was created in 1999. Its objective is fostering and forming entrepreneurship, improving business owners’ qualifications and creating and consolidating businesses. It has been used as a tool in generating employment and innovation and helping SMEs to adapt to new markets.
The foundation’s activities fall within the European Social Fund (ESF) and European Regional Development Fund (ERDF) community framework; promoting and establishing the largest network of incubators in Europe (96 currently in operation).