Technology Parks across the world have been recognised as important mechanisms for innovation and stimulating technology transfer. They also help with the formation and growth of high-tech entrepreneurial start-ups and regional economic development, and serve as sources of revenue. Mr Haruna Iddrisu, Minister of Communications, stated this at a ground-breaking ceremony for the commencement of work on Ghana's first Technology Park at Tema, Monday. Citing examples of Technology Parks such as the Smart Village in Egypt; Innovation Hub in South Africa; Silicon Valley in America; and the Cambridge Science Park in England, the Minister said all these parks had managed to persuade large companies to invest in them by offering access to research centres, high-quality laboratory facilities and available infrastructure. “These parks also provide companies with ready access to innovative projects which yield enormous benefits,” he pointed out. Ghana's premier Technology Park, Mr. Haruna Iddrisu said, would stimulate the start-up and growth of technology-intensive, knowledge-based business in the country. According to him, the park would also provide infrastructure and business support services to assist export-oriented small and medium ICT/ITES businesses to optimize their potential. He announced plans by the Ministry to develop the Technology Park through public/private investment, an arrangement under which certain facilities and infrastructure of the park would be developed by the government, public/private partnership or solely by the private sector. An investment drive, Mr. Iddrisu said, would be initiated to identify prospective investors for the park, while the ministry would also put in place a management team to see to the efficient management of the park. The Minister said the University of Cape Coast had provided land for work to begin on the second park in Cape Coast by September this year, for which an amount of five million dollars had been secured. This collaboration with the University, he emphasized, would promote innovative and skills development in the academia, stressing that the parks would be developed in other regions to generate wealth and create jobs in the near future. Mr. Iddrisu later expressed his gratitude to the World Bank for their immense support to the development of the project as well as the Ministry of Trade and Industry and its MSME project, and the Ghana Free Zones Board.