Ghana’s economic landscape is undergoing significant transformations, particularly in entrepreneurship.
This shift is occurring against the Ghanaian cedi’s sharp depreciation against the U.S. dollar. Since the start of 2022, the cedi has declined circa 50% against the dollar, making it one of the steepest declines of any currency globally during the period.
The economic situation has pivotal implications for Ghana, a country where small businesses form the backbone of the economy. Micro, small, and medium enterprises (MSMEs) dominate Ghana’s economic landscape, constituting about 92% of all businesses.
Notably, in 2015, 98% of Ghana’s businesses were categorised as micro or small, and a significant portion (90%) were informal. These enterprises are prevalent and vital for job creation, with research indicating that 71% of ventures established by ‘opportunity-driven’ entrepreneurs create jobs, employing an average of 8.4 full-time employees.
The government and private sector are actively working to bolster these businesses. Furthermore, stakeholders are advocating for stronger partnerships between industry, academia, and policymakers to harness entrepreneurship to transform the country’s economy.
This is why Joy Business and Maxwell Investments Group have partnered to promote a simple, digestible entrepreneurship toolkit for the public, particularly MSMEs.
Hosted by the CEO of Maxwell Investments Group, Dr Maxwell Ampong, this upcoming segment on JoyNews Prime and Joy 99.7 FM is timely and crucial.
The programme is poised to address these economic challenges and opportunities, offering insights and guidance to entrepreneurs and business people.
As Ghana grapples with a challenging global economic climate, empowering entrepreneurs and MSMEs could be vital in navigating these turbulent times and potentially reshaping the country’s economic future – the segment premiers in early 2024.