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The National Entrepreneurship and Innovation Programme (NEIP) has had a revolutionary effect on Ghana’s entrepreneurship scene, which has been praised by President of the Republic Nana Addo Dankwa Akufo-Addo.
Speaking in Sunyani at the 3rd Applied Research Conference of Technical Universities in Ghana (ARCTUG 2024), the President went into depth about the achievements of NEIP and how it has helped to lower youth unemployment and boost the country’s economy.
Since its launch in 2017, NEIP has been a key program designed to promote innovation and entrepreneurship in Ghana. The program offers cash, mentoring, and training—all vital forms of help to newly established businesses.
According to President Akufo-Addo, NEIP has had a major impact on Ghana’s startup ecosystem and has sparked the emergence of numerous creative businesses in a variety of industries.
“By offering financial support and business development services, NEIP has enabled 15,000 start-ups to scale up their operations,” President Akufo-Addo stated. He highlighted that the programme has contributed to the creation of 103,871 jobs as of the end of 2023, fostering economic diversification and empowering the youth.
The President honored Mohammed Awal Ibrahim, the former Minister for Business Development, and the late John Kumah, the inaugural CEO of NEIP, for their pivotal efforts in founding the program. He underlined that Ghana has become a center for innovation in West Africa and that thousands of employment have been created as a result of NEIP’s success in developing entrepreneurial skills.
The various forms of support offered by NEIP, such as funding, mentorship, and training, were emphasized by President Akufo-Addo. The program’s focus on providing young entrepreneurs with the tools and resources they need has been crucial in lowering unemployment and promoting an independent and creative culture.
The President noted that NEIP’s success is evident in the numerous innovative businesses that have emerged from the programme. These businesses, he said, are driving sustainable economic development and improving the livelihoods of citizens. NEIP has also played a crucial role in positioning Ghana as a hub for innovation in West Africa.
In addition to NEIP, President Akufo-Addo emphasized the importance of creating an enabling environment for entrepreneurship. He noted that the government’s efforts to promote entrepreneurship and innovation extend beyond NEIP, with substantial investments in education and research. The government has disbursed over GH¢700 million in research and book allowances since 2020, underscoring its commitment to advancing education and research in Ghana.
President Akufo-Addo also highlighted the government’s focus on STEM education, which is essential for fostering innovation and entrepreneurship. He detailed the various initiatives aimed at developing high-quality STEM institutions and programmes, including the construction of the Accra STEM Academy and several STEM Centres and model STEM Senior High schools.
The President concluded by urging all stakeholders to continue supporting initiatives like NEIP and to work collaboratively to advance Ghana’s development through innovation and entrepreneurship. “Together, we can build a brighter future for our nation, characterized by innovation, inclusivity, and prosperity,” he said.
In his farewell speech, President Akufo-Addo thanked Toyota’s representative for broadly endorsing the Ghana Automotive Development Policy and echoed Bono Regional Minister Justina Owusu Banahene’s views regarding the opening of a Toyota industrial outlet in Sunyani.
Source: Ghanatodayonline.com
