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Economic growth

Ghanaian Business Leaders Urge Government to Enhance Support for Startups and Local Enterprises

Strategic Insights

— 1 min read

In a move to stimulate economic growth and address unemployment, business leaders in Ghana have called on the government to enhance support for startups and local enterprises. Speaking at the 2025 edition of the Ghana Outstanding Business Achievement Awards (GOBAA) forum, Anthony Herbert Montford, Technical Director of Monty Prestige Engineering and Consultancy Limited, emphasized the importance of prioritizing the entrepreneurial ecosystem. With several award recipients echoing similar sentiments, the private sector stressed the need for stronger collaboration between government agencies and the sector to make existing support programmes more transparent, accessible, and impactful.

Key Takeaways:

  • Anthony Herbert Montford, Technical Director of Monty Prestige Engineering and Consultancy Limited, called on the government to enhance support for startups and local enterprises to tackle unemployment and drive inclusive economic growth.
  • Business leaders highlighted the urgent need for stronger collaboration between government agencies and the private sector to make existing support programmes more transparent, accessible, and impactful.
  • Recent data from the Ghana Enterprises Agency (GEA) indicates that Small and Medium-sized Enterprises (SMEs) contribute more than 70% to the country's GDP and provide nearly 80% of private-sector employment.
  • Many SMEs face persistent challenges, including limited access to financing, inadequate regulatory support, and a lack of technical expertise.
  • Award recipients emphasized the importance of enhanced partnerships between the public and private sectors to create more job opportunities for the youth, particularly in security and logistics.
  • Comfort T. Nomo, Country Manager of Cosmo Cosmetics Ghana, noted that the recent depreciation of the dollar has created new business opportunities in the importation sector.

Statistics:

  • SMEs contribute more than 70% to Ghana's GDP (Ghana Enterprises Agency, data not specified).
  • SMEs provide nearly 80% of private-sector employment (Ghana Enterprises Agency, data not specified).
  • Many SMEs face limited access to financing (list not specified).
  • Inadequate regulatory support and lack of technical expertise persist as challenges for SMEs (list not specified).

Sources:

  • Ghana Web, "Business leaders urge government to support local enterprises"
  • Ghana Enterprises Agency (GEA), data on SMEs' contribution to GDP and employment.

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