March 26, 2023

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Start-Ups Should Be Turned Into SMEs

Start-Ups Should Be Turned Into SMEs

Ron Strikker, Netherlands Ambassador to Ghana, has called on government to ensure that start-up businesses transition smoothly into SMEs to rake in maximum economic benefit.

Strikker, who was the special guest at the Start-Up Investor Conference organized by MBC Africa, in collaboration with the Netherlands Embassy in Accra, said that it has always been difficult for governments to ensure the transformation of start-up businesses into full-blown SMEs.

The Ambassador said turning start-ups into SMEs helps to reduce the rate of unemployment, especially among the youth, who are desperately in search of jobs.

The conference was attended by many young people who are aspiring to become big-time entrepreneurs.

Other state agencies that strengthen the Small to Medium-scale (SME) sector were also present.

It was themed: “Securing Investments for Start-ups.”

Chief Executive Officer of National Entrepreneurship and Innovation (NEIP), John Kumah, who explained his outfit’s mandate to the participants, underscored the need for start-ups to always look out for opportunities that could make their businesses viable.

He said it was critical for the government to create the enabling environment for everybody to explore and added that the right signals are being sent that the Akufo-Addo administration was serious about reducing unemployment.

He admitted that there were limited job opportunities in the public sector and said the private sector is being encouraged through tax incentives, especially to generate more employment.

Mr. Kumah said “to be a successful entrepreneur, it can be very difficult and the journey can be very tough,” adding that NEIP is helping start-ups to star up.”

He said the government has about $10 million to support good initiatives in the eco-system and added that the money is expected to be raised to $100 million in due course.

He said that NEIP was enticing young entrepreneurs with tax reprieves, employee support, among others, to bring many people with innovative business plans on board.

Tenemba Anna Sanake, CEO of MBC Africa, in her opening remarks, said her outfit was committed to providing a comprehensive solution to SMEs in Africa by integrating the business services they need to grow onto a common platform.


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