The Association of Ghana Startups has called on the President-Elect, John Dramani Mahama, to prioritize the passage of the Ghana Innovation and Startup Bill.
In a statement issued on Monday, 16th December, the President of the Association, Solomon Adjei, argued that for the NDC to fulfill its campaign promise of fostering innovation, economic growth, and job creation through Fintech, Agritech, and other sectors within the tech ecosystem—as outlined in its 2024 Manifesto—the incoming Government will need to pass the Ghana Innovation and Startup Bill as a matter of urgency.
Solomon stated that passing this bill would be one of the most initial transformative steps the John Mahama administration can take. This policy framework aligns with the aspirations of the youth, entrepreneurs, and small business owners nationwide.
Startup Act is the emerging innovation strategy most countries are adapting to create an enabling environment that supports innovative start-ups and drives local economic growth.
Ghana’s bill will serve as a path for building a vibrant innovation and startup ecosystem. The bill’s objectives and functions, including capacity building, funding access, research and development, and local and international market linkages, will directly contribute to achieving the goals outlined in their manifesto, particularly in addressing youth unemployment, promoting technology-driven development, and supporting SMEs.
Due to the proliferation of Startups across many African countries, the African Union (AU) earlier this year released a policy framework on startup development, urging all African countries to, among others, enact Startup bills and other policies needed to support the startup ecosystem.
Tunisia was the first African country to pass a startup act in 2018 that supports the development of tech-enabled ventures, followed by Senegal, Nigeria, and Togo.
Countries like Côte d’Ivoire, Kenya, South Africa, Rwanda, and Uganda are at various stages of drafting a bill that would foster the growth of startups in their countries.
In August 2020, a technical working committee made up of representatives of multi-stakeholders: National Entrepreneurship and Innovation Program (NEIP), Association of Ghana Startups, Ghana Hubs Network, Young Entrepreneurs Chamber, Accra Digital Center, and the Private Enterprise Federation was inaugurated to draft Ghana’s version of a Startup Bill.
The team has worked extensively to produce a draft document that has undergone a series of reviews, regional and national stakeholder consultations, and key stakeholder engagements.
The bill is currently in the final stage, pending submission to the Ministry responsible for submitting it to the cabinet.
The Ghana Innovation and Startup Bill aims to create a supportive framework to promote the growth and sustainability of startups in the country. By providing a clear definition and labeling of startups, the bill seeks to clarify their identity for policymakers, development partners, and stakeholders, ensuring tailored support and eliminating ambiguity.
The bill also proposes the establishment of the Ghana Innovation and Startup Fund to provide patient capital for early-stage ventures.
Additionally, it emphasizes business support through training, mentorship, and research to enhance startup competitiveness globally. Employment support and failure relief mechanisms are also incorporated to bolster resilience during economic challenges, ensuring startups can sustain growth even in difficult times.
Solomon concluded by urging Prez Mahama to prioritize the passage of the Ghana Innovation and Startup Bill within the first 6-months of his tenure in office as President of Ghana.
“The Association of Ghana Startups is committed to collaborating with the next administration to ensure the passage and implementation of this bill, which will position Ghana as a leading hub for entrepreneurship and innovation in Africa”, he said.
“We are confident that, with the passage and implementation of this bill, Ghana will experience unprecedented growth in innovation and startup development,” he added.
Source: norvanreports.com