Addressing the issue of youth entrepreneurship must be a top priority for government. Ghana, like any other developing country in the world, must take the necessary steps to encourage entrepreneurship in young people to reduce unemployment, increase productivity, and make the economy more dynamic. Below are practical steps the Ghanian Government can take to address the issue of youth entrepreneurship:
Creating a Business-Friendly Environment. There should be a conscious and deliberate policy effort by the government and the private sector to create a business-friendly environment. Currently, many government programs and policies are burdensome to the business community. For example, in Ghana small business owners must pay a multitude of different taxes without any tax breaks. Policies and programs should be reformed in such a way that even those who are not inclined to start their own business will see its evident advantages. Additionally, property rights must be guaranteed and enforced by an unbiased and impartial legal system.
Specialized/Technical Training. Specialized institutions for entrepreneurship training outside traditional schools need to be established. These institutions should offer practical training so that even those with little formal education can follow the instructors. Entrepreneurs and successful businessmen and women should be encouraged to teach at these institutions.
Business Funding. Either through the government, the private sector, or public-private partnerships, viable small businesses need to have access to the capital they require to succeed. Incentives for banks and micro-finance institutions to lend to small businesses and entrepreneurs should be put in place. Lending institutions with programs and facilities that support young entrepreneurs should be given tax incentives to expand their work. No business can survive without access to capital. Small businesses and entrepreneurs in particular need special financial support in the early stages of their business.
National Awards. The government and/or the private sector should institute an award program to recognize the efforts and contributions of young entrepreneurs in Ghana. At the moment, youth entrepreneurship is hardly mentioned. However, if an award were established to recognize youth
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