Minister of Communications, Dr. Omane-Boamah has revealed that, US $500,000 is being provided under the e-Ghana Project Initiative to help in the development of innovative small and medium-size businesses.
He said studies have shown that 70 per cent of start-ups in developing countries fail within the first two years after establishment due to poor knowledge of the challenges and dynamics of the business environment.
He stated these when he inaugurated the Kumasi Business Incubator set up at the Kwame Nkrumah University of Science and Technology with a call to businesses to take advantage of the facility to grow their businesses.
Dr. Omane-Boamah said the Incubator affirms government’s plans to address the weaknesses in the business environment through partnerships with research institutions and generation of innovative ideas.
The Communications Minister expressed confidence that the Incubator with its abundant expertise and technocrats will work to provide relevant services for economic development in the country.
The Incubator, a joint project of the KNUST, Centre for Business Development (CBD), World Bank, National Board for Small-Scale Industries (NBSSI) and e-Ghana Project Initiative under the Ministry of Communications is part of the government’s agenda to make the private sector more vibrant.
Vice-Chancellor of the KNUST, Professor William Otoo Ellis, said the Incubator currently has 25 companies, and would provide the platform for the University community of more than 40,000 minds to create viable commercial ventures.
He was optimistic that the facility would encourage young graduates to start their own business to tackle the vast graduate unemployment bewildering the country.