Hot!
Unfavourable business regulatory framework hindering entrepreneurial potential in Ghana – World Bank Consultant
Emmanual Awuni, a private sector consultant at the World Bank, says an unfavourable business regulatory framework is hindering entrepreneurial potential and deepening Ghana’s unemployment situation.
He said the existing regulatory framework and requirements from state agencies were a major obstacle to the realisation of the entrepreneurial potential of Ghanaian youth.
The unfavourable business regulatory framework, which includes business registration, was demotivating the youth from pursuing entrepreneurship, he said.
This challenge, he said, could worsen the unemployment situation in the country, as 3.87 percent of the population is currently unemployed.
He was speaking at the End Poverty Day Programme which was held at the World Bank office in Accra.
“We have seen an unfavourable business regulation framework in the country. We are looking at the entry and exit points for businesses. As a young person, you know that when you are starting a business and you want to register, it is sometimes difficult. To even exit the business has its own challenges,” he said.
Mr. Emmanual Awuni called for reforms in the regulatory framework and requirements to encourage youth to pursue entrepreneurship.
He said the World Bank (WB) aimed to eliminate the bottlenecks associated with the regulatory framework by engaging the relevant agencies to improve the regulatory quality in Ghana.
Thus, the WB had supported the Ministry of Trade and Industry to introduce business regulatory reforms to give agencies the push on how to improve regulatory governance and coordination to encourage entrepreneurship in the country.
The reforms, he said, will consequentially reduce unemployment in the country.
Mr. Awuni observed that many unemployed youths in the country lacked knowledge of career paths to pursue. He urged the stakeholders in labour and employment relations to welcome the idea of pre-employment services to reduce unemployment in the country.
He indicated that economic growth in the country had not been consistent with job creation.
He said major progress in terms of economic growth in the country was achieved in the extractive sector, and a significant number of those employed in the sector were expatriates. Therefore, the economic growth was not really creating the jobs needed to reduce the unemployment rate in the country.
Source: GNA
Hot!
Many SOEs have been used as mere instruments for personal wealth accumulation –Pres.Mahama
President John Dramani Mahama has expressed concern over the misuse of State-Owned Enterprises (SOEs) for personal financial gain by individuals in leadership positions.
Speaking during a meeting with Chief Executives of specified entities under the State Interest and Governance Authority (SIGA) on Thursday, March 13, the President directly attributed the dire state of SOEs to their leadership, accusing chief executives, management teams, and governing boards of prioritising personal enrichment over organisational efficiency.
He pointed to bloated budgets, unjustified allowances, and unnecessary expenditures as factors draining public funds while SOEs continue to rely on government bailouts.
“Many SOEs have been used as mere instruments for personal wealth accumulation by appointees. The chief executives, management, and boards of these enterprises are responsible for this situation. Some SOEs have become perennial loss-makers, draining public funds with bloated budgets, unjustified allowances, and unnecessary expenditures while relying on government bailouts as if entitled to them. Many of these entities are at their lowest point in the entire history of the Fourth Republic,” he said.
President Mahama further noted that many SOEs have been plagued by inefficiencies, corruption, and mismanagement, leading to consistent financial losses. He cited the 2023 State Ownership Report by the State Interests and Governance Authority (SIGA), which highlighted systemic inefficiencies and wasteful expenditures within these entities.
He therefore reaffirmed his commitment to reforming under-performing SOEs and ensuring they serve national interests.
He warned that loss-making SOEs will no longer be tolerated and will either be merged, privatised, or closed.
“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside. If that adds to the horror movie, so be it,” he added.
Source: Myjoyonline.com
Hot!
Prophet Courage Heavens set to launch ‘Predestination’ book on March 23
Prophet Courage A. Heavens is set to launch the much-awaited book titled ‘Predestination’ on Sunday, March 23, 2025 at 5:00PM.
The launch, which is expected to impact lives, will take place at Crossgates Ministries, Flattop, off N1 Highway, opposite Angel Hauz.
The book is aimed at addressing the way people struggle to understand how free will and destiny align.
It is also aimed at providing clarity on God’s sovereignty and one’s place in His divine plan.
The various chapters of the book address various issues through scriptures and personal stories.
Committed to impacting society, part of the proceeds from the book will go into Courage Heavens Education Legacy (CHEL), an educational foundation transforming lives.
CHEL is dedicated to providing financial support and mentorship to brilliant but needy students, ensuring they have access to quality education and opportunities for a better future.
Prophet Courage Heavens is a prolific writer and previously authored Eli Eli Lama Sabachthani, a powerful book that encourages unwavering faith in times of trials.
In addition, he has written seven more prophetic and life-changing books that are yet to be published.
He is dedicated to raising the next generation for impactful ministry. As the leader of Crossgates Ministries, he nurtures believers in faith and purpose.
