Start-ups need a support mechanism to make a profit – Sherif Ghali

Ghana Startup Bill Technical Working Committee Coordinator Sherif Ghali says startups need a support mechanism to amortize them until they start making a profit.

This follows a 2018 survey conducted by Venture Capital for Africa (VC4A) which found that 40% of start-ups in Ghana are not making a profit.

According to Mr. Ghali, most start-ups lack access to finance, the market, infrastructure and support for innovation.

He made the submission during a speech during a validation workshop in Ejisu Municipality in Ashanti region.

Presenting a scenario of Ghana’s start-up ecosystem, he called for proactive measures to improve the situation.

For him, it is high time that Ghana put in place tailor-made interventions to meet the structural needs of newly created businesses.

He said it would provide a business environment conducive to entrepreneurship.

Stakeholders at the workshop discussed Ghana’s Start-up Bill, which would provide legal support for the introduction and promotion of employment and wealth start-ups once passed.

SNV’s “GrEEn” project business development advisor Frederick Acquah is optimistic that the bill, once passed, would help start-ups grow to create jobs for the people.

The program was organized under the auspices of the Ghana Chamber of Young Entrepreneurs, the Ghana Start-up Network and the SNV Netherlands Development Organization, Ghana.

It was part of the “GrEEn” project, aimed at creating greater economic and employment opportunities for young people, women and return migrants.

‘GrEEn’ is implemented under the European Union Emergency Trust Fund (EUTF) for Africa.