Coordinator for Ghana Startup Bill Technical Working Committee, Sherif Ghali says startups need a support mechanism to cushion them till they start to make profit.

This follows a 2018 survey conducted by Venture Capital for Africa (VC4A) that revealed that 40 per cent of start-ups in Ghana do not make profit. 

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

He made the submission while speaking at a validation workshop at Ejisu Municipality in the Ashanti Region.

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

For him, it is high time Ghana sets up tailored interventions to meet the structural needs of newly established businesses.

He said this would provide a business environment conducive for entrepreneurship.

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

Business Development Advisor at SNV ‘GrEEn’ Project, Frederick Acquah, is optimistic the Bill when passed into law would assist start-up entities to grow to create employment for the people.

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

It formed part of the ‘GrEEn’ Project, aimed to create greater economic and employment opportunities for the youth, women and returning migrants.

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