Assessing Entrepreneurs In Socio-Economic Development In Ghana
Category : Economic Development in Africa, Economics, Entrepreneurship
ASSESSING ENTREPRENEURS IN SOCIO-ECONOMIC DEVELOPMENT IN GHANA
There are many enterprising individual and organizations in Ghana and they contributed to the growth and sustainability of the country although we all know that they still suffer poverty and economic deficit in their country the continuous improvement and development in the countryside will give them access to entrepreneurship and they are on their way to recovery. Most of the people in Ghana have realized their position and the needs to grow but they do not have access, knowledge and opportunities to establish their own business. One of the latest entrepreneurship developments was arranged by Danish Ministry of Foreign Affairs conducted by the Center for Business and Development Studies (CBS) last 2010. They have a very good objective for the people of Ghana in conducting this seminar, they are sharing their resources, knowledge and experiences of successful entrepreneurship to discuss business matters to foster, harness and promote business activities and influence the people to be a part of a productive society through entrepreneurship.
It should provide the latest input and current trends to audience because they have reliable participants who can encourage and deal with the people of Ghana through further development, recommendations of business growth and employment. During the first day the workshop they pin pointed the challenges and opportunities in entrepreneurship and why this is one of the best solution to poverty alleviation, in the second day they have discuss a thorough learning methodology about the characteristic of successful entrepreneurs and most importantly the identification of business with high potential for growth and opportunities that they can adopt, what are the barriers and what support they need to contribute to innovation, growth and employment. On the third day the public debate was held with Mr. Soren Pind the Danish Minister for Development Cooperation about the growth and employment implementation. On the fourth day the final conclusion and presentation of reports and success of the seminar was held.
Another important factor that they should know is that entrepreneurship is not a need that arise or forcible activities out of necessity but they should understand that it is a choice to take advantage of the opportunities that surround them. After the training those people who have small business enterprise should also understand how they can take their business into a bigger leap and further realize to take the step to make their business into a more legal and formal business entity to be able to gain growth. They should also seek appropriate training and education as the key to entrepreneurship, access to finance is also important but this is not a barrier to entrepreneurship they can start in modesty until their business will grow and they can also use their own labor as a capital. People should not also be afraid to start and fail it is a part of a business they should remain strong physically and spiritually if this happen.
There are also more micro-financing organizations in Ghana that they can seek if they need additional capital for their business they just have to prevent delinquency in payment and make use of the money that they have acquired in micro-financing industries. If they have to join a group to access micro-financing they have to make their participation so that they can create cooperation and camaraderie and later on acquire a bigger amount of loan in the next stage of their credits. In Ghana the help of Non government and private organizations like Standard Charter Bank, Unilever and others have already extended their help in poverty eradication through social responsibility development and promotion of entrepreneurship. They also help to provide capital in small and medium enterprise development financial organization like United Nations Children’s Fund (UNICEF), World Bank (WB) , International Monetary Fund (IMF), International Finance Corporation (IFC) has also extended their help in providing funds for general purpose including poverty eradication and livelihood.
The Ghanaian Livelihood Empowerment Against Poverty (LEAP) Program has good programs for different projects including cash transfer program and health insurances that started in 2008 and as of 2010 they reaches more or less 35,000 household. Another assessment for entrepreneurship was shown in the participation and contribution of women to economic growth. More and more women have been engaging to livelihood and small business development using their little resources and human capita. The adult rate of literacy increases up to 66% compared to last few decades, half of the labor forces also constitute women, they also involved in economic activities, small trading practices, crop production, farming and fishing that they are more engaged in livelihood than men who usually seek employment. All this organizations and activities means that the government and the environment opens up opportunities to entrepreneurship, the people of Ghana must decide if they are willing to deal with it.