ENTREPRENEURIAL SITUATION IN GHANA

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					EARLY POST INDEPENDENCE ENTREPRENEURIAL SITUATION


      After independence in 1957, Dr. Kwame Nkrumah introduced an economic system called

“scientific socialism,” which proposed that the state be at the center of economic planning and

activities. The impact of this system on culture was detrimental, i.e. many young people in Ghana

believed that it was the responsibility of the state to provide for their economic needs, and expect

the government to employ them. As a result, the entrepreneurial situation in Ghana was not vibrant

during this period.


CURRENT ERA- ENTREPRENEURIAL SITUATION


      In recent years, the promotion of entrepreneurship as a revolution to solving numerous

economic and social challenges facing developing countries has attracted significant attention by

Ghanaian policy makers and the academia. Notwithstanding the attention that has been given, little

has been done in trying to empower the populace especially the youth who are endowed with much

energy to channel their energies into enterprise creation. In terms of education, entrepreneurship

and leadership education is lacking. Most students are not familiar with modern business,

management, or leadership principles. Not surprisingly, very few young people in Ghana can be

classified as entrepreneurs. The nation is controlling expenditures and monetary growth,

maintaining a stable exchange rate, developing a trade policy framework, actively promoting

investment, strengthening good governance and transparency aimed at helping create an enabling

environment for entrepreneurs. However, cumbersome government requirements are serious

obstacles to business development.




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CURRENT HAPPENINGS OF ENTREPRENEURSHIP IN GHANA


        Entrepreneurs stuck at the micro level - According to World Bank estimates, most

         businesses in Ghana, which account for 70% of employment in the country, fall within the

         categories of “micro”, “small” and “medium” entrepreneurs.

        Alarming segment of entrepreneurs in the informal sector

        Lack of role models and business mentors - . In Africa, most of the youthful proprietors

         have no mentor support for their operations.

        Stable business environment - Creating and sustaining businesses thrives on a politically

         stable environment which Ghana currently enjoys.

        There are over 230 cyber cafés in Accra alone, and many High Schools and Universities

throughout the country now have computer resource centers with some connected to the World

Wide Web. This is positive, as many students are improving their knowledge through Internet

research. Ghanaians now know their lands can’t be taken away without adequate compensation.

There are 22 private radio stations in the capital Accra alone compared to 20 in London.

The number of private television stations is soaring with lively debates about the economy and

social issues.

REQUISITE SKILLS NEEDED BY YOUNG ENTREPRENUERS OF TODAY

        Motivation skills, Business management skills, financial management skills, Computer and

information technology skills




CURRENT BARRIERS TO ENTREPRENUERSHIP


    1. Cumbersome business registration and other procedures

    2. Difficulty in assessing finance




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REFERENCES


  1.   Villars E.J. (2002) Capital Market-The missing key to Ghana’s economic growth and

       Development, Presented by the securities industry week public lectures.

  2.   Baah.A. Nuakoh (2003), Studies on the Ghanaian Economy': Environment, Informal Sector and Factor

       Markets, Woeli Publications Services, Accra.

  3.   Google

  4.   POST-COLONIAL GHANA: FROM TRAGEDY TO HOPE Franklin Cudjoe




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