The government in collaboration with the World Bank and the National Board for Small Scale Industries is set to increase start-up capital advanced to businesses in the country.
According to the Director of Business Support at the National Entrepreneurship and Innovation Programme (NEIP), Franklin Karikari, the move is to strengthen the entrepreneurship ecosystem in Ghana.
This policy will go a long way to streamline the entrepreneurship ecosystem space and to be able to give the needed support to the ecosystem.
“For the start-ups, we have been giving the funding ranging from GH¢10,000 to GH¢100,000. Now as part of the acceleration phase, together with the NBSSI, and as part of the World Bank’s funding support that we are getting, there will be a minimum of about US$20,000 to support growth-stage businesses to be able to really scale up to be able to monitor their growth and performance and their contribution to the economy,” he explained.
Mr. Karikari added that entrepreneurs within the age bracket of 18-35, who are focused on green and ecological businesses among others, will be granted a 3 to 5 years tax waiver to boost their operations.
“Government together with GRA has been able to provide some tax breaks for start-ups and small and micro-businesses who are within the age bracket of 18-35 and their business is in the area of manufacturing, ICT, horticulture, tourism and arts, medicinal plants, and agro-processing. All these areas are able to enjoy the tax breaks between three and five years,” he noted.