Speakers at this year’s Financial Economics Seminar have jointly prescribed entreneurship as a panacea for the growth of developing economies, particularly Ghana.
The seminar, which was held under the theme “Entrepreneurship: A Functional Element for Economic Growth and Stability of Developing Economies,” saw various renowned personalities speak about the importance of entrepreneurship in addressing critical developmental challenges facing the country.
Deputy Finance Minister, Dr. Stephen Amoah, opined that entrepreneurship has come to stay, especially in developing economies, because the job market is saturated.
“The way to go now is to create new businesses so that we can sustain our economy and so that individuals can also maintain a certain level of standard of living,” he said.
Dr. Amoah further called on authorities to include entrepreneurship in the country’s educational curriculum to enable students to nurture entrepreneurial skills early on.
“Entrepreneurship should be made a stand-alone core course like science, mathematics, and English so that the student on finishing SHS can create their own jobs. At the university level, it could be optional so that based on the knowledge they have acquired in SHS, they can build on it in whatever field they want to specialise in,” he proposed.
He advised the youth to avail themselves of entrepreneurial training in order to establish their own business, stressing that regular job opportunities are limited.
Chairman of the Christ Apostolic Church International Apostle Samuel Amponsah-Frimpong stated that labour is an indispensable part of human life. According to him, even before the fall of mankind in the Garden of Eden, Adam and Eve were performing some form of work—tending for God’s creation as instructed by God.
“It was not all eating and drinking in the Garden of Eden. We notice that God asked them to watch over his creation and tend it.”
“So God wants us to work. It is not the fall of mankind or sin that resulted in the need for work. Before that man was working,” he said.
Apostle Amponsah-Frimpong said proper planning, good morals, industriousness, and patriotism are important elements to advance the developmental agenda of the nation.
Executive Director of the National Entrepreneurship Innovation Programme (NEIP), Kofi Ofosu Nkansah, commented on current initiatives by the government, including the Ghana Economic Transformation Programme, U-Start, Ghana Skills and Job Programme, Ghana Cares Obaatanpa, and the recent SME Growth and Opportunity project, all aimed at providing an enabling environment for entrepreneurial development.
According to him, these interventions have created in excess of 100,000 jobs for the youth.
He, however, acknowledged the limitation of the government in providing support to all entrepreneurs and SMEs considering their teeming numbers, adding that the government will continue to do its best.
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