A typical Ghanaian inauguration it was but the brilliant piece of speech from the new president of Ghana, President Nana Akuffo Addo is one to leave you hopeful for a better Ghana’s economy indeed. A well written speech which speaks out to diverse Ghanaian situations and pride, a loudable call to Ghanaians to head up as citizens and work hard towards a country we all dream and envision.
In his hopeful Speech that gave the citizens a spark of the trust they lost in past governments and corrupt politicians, one phrase that probably would excite many startups and potential entrepreneurs is; “it is time to try that business idea again”. Very short and straight to the point but for the startup business economy and their business success it is a huge commitment.
Start-ups struggle to nurture growth even within the stagnant economy of our country; inadequate or zero venture capital prevents new companies scaling up to significant sizes. Ghana is sprouting large number of start-ups but most are failing to grow far beyond that stage, which is a threatening economic disaster ahead.
The promises and the zero efforts of successive government schemes to support start-ups have been a complete failure and grounds for highly corruptive activities for politicians to amass wealth and invest in family projects.
However, the few of those that continue thriving for business growth and success, hit nothing but huge debts, low productivity or a shut down running them again into the unemployment zone.
The relatively low levels of funding, support systems and flexible small business regulations are key issues to business economy. How will his government and administration solve these problems? Is it just another government promises or the real deal to getting the business economy to work again?
“We are indeed, counting on a vibrant private sector to drive growth and create jobs” – President Akuffo Addo.
The expectations of the new government under president Akuffo Addo from the private sector and small businesses indicates more than just an inauguration speech but a call for government and private sectors to grow the economy they have promised Ghanaians and entrepreneurs during their massive campaign for power.
Here’s what this short phrase from his speech could mean for startups and many jobless youths out there in the quest for starting their own businesses.
a. A government that supports startup businesses and ideas
Further in his speech, he noted this; “We will provide vision and direction and shine the light down the path of our entrepreneurs”. Exciting, isn’t it?
What can be more motivating than a government ‘shining’ light down the path of the backbone of the economy-entrepreneurs? President Akuffo Addo also indicated a stimulation of innovators. Ha! Sounds more like a ‘con statement’
– “We will stimulate the creative juices of innovators. We will bring back to life the adventurer in you”
How can a government bring back the adventures in entrepreneurs? It will be wrong to insinuate this as a dream but one (entrepreneurs) can only be hopeful in the words of the new government. In the world of entrepreneurs, there’s less of dreaming than to happenings. Is this just a promise or a dream? Let’s look forward to it.
b. A friendly startup economy
“It is time to imagine and to dream again; we will reduce taxes to recover the momentum of our economy”. Tax is a huge problem in Ghana. The payment of taxes based on projections for startups from the word go of their businesses when they have no source of cash flows would be something this government to look at. Reduction of taxes would be great news for established businesses and a heads up for profit margins but not for startups. “Half a loaf is better than none” – a friendly economy for startups to operate and grow is all startups will be looking up to under the Akuffo Addo’s led government.
c. Availability of possible startup funds
Funding is the biggest startup hurdle mostly across the world but even more, the worst struggle in Ghana for startup entrepreneurs. It’s a huge relief when president Akuffo Addo indicated support for startup businesses. The new president of Ghana has urged potential entrepreneurs and startup business owners to imagine and dream again, not to just dream but to try that business ideas again. Do they just start businesses without any support from the government? Don’t miss out on this call to try again. “It is time to imagine and to dream again; time to try that business idea again”. Get started already, the government got your back.
d. Business Opportunities beyond Ghana
Business opportunities beyond the borders of Ghana would mean alliances and flexible government policies and regulations to enable business growth outside the walls of Ghana. President Akuffo Addo promised business opportunities beyond Ghana via his speech. “The doors of Ghana are open again. The shutters are up again. Ghana is open for business again” – President Akuffo Addo
It is a great news for the startup fraternity and the business community to have a government boldly committing to its participation and the sustainability of their businesses. Hopefully, they take the lead to consciously monitor these promises which was courageously indicated by president Akuffo Addo. Word by word, phrase by phrase, we look forward to a better business economy for both startups and established businesses.
Congratulations to the new president Akuffo Addo and his administration.
Let’s get busy starting new businesses, president Akuffo Addo has promised what we need.