Government has been urged to support entrepreneurs and start-ups involved in developing profitable locally appropriate solutions to climate change.
Ruka Sanusi, the Executive Director of the Ghana Climate Innovation Centre (GCIC), said this will accelerate the country’s development.
She made the call at the annual thought leadership, Incubating and Innovation programme under the theme: ‘Innovation for our future”.
Madam Sanusi noted that the country’s entrepreneur ecosystem had so much innovation that needed to be supported to accelerate and commercialise to ensure socio-economic growth.
“I see an ecosystem in Ghana which is yet to truly rise up to the calling of making make the private sector the engine of growth. This is because they are the innovators who designed, for instance, the traffic light that direct humans and therefore need to be supported to continue to innovate” she added.
Also, Chikodi Onyemerala, Director for Programmes and Partnerships at the British Council, underscored the need for government to invest in the green business sectors by providing them with tax incentives to make it very attractive to the youth.
He suggested government eases the procurement processes, facilitate access to finance, either through market-based loan schemes or publicly funded grant scheme.
By creating the enabling environment, Mr Onyemerala said it will curb the graduate unemployment situation in the country.
In response, Dr Franklin Owusu Karikari, the Director of Business Support for the National Entrepreneurship and Innovation Programme (NEIP), said government is already investing in the sector.
He revealed that over 100 entrepreneurs including those doing climate-smart businesses have received some funding from government.
“Over the years, government has been having a number of causes to support entrepreneurs whilst startups are being given funding ranging from ¢10,000 and ¢100,000,” he said.
Mr Karikari added that government is working with the Ghana Revenue Authority and had started a three to five years tax break to start-ups with unique innovations from the ages of 18 to 35.