NEWS

Invest In Africa (IIA) Ghana says as part of its vision for the next four years, it is awarding $500 million worth of contracts to medium-sized enterprises and creating 100,000 jobs.This was revealed during the celebration of four years of impact from 2014-2018 dubbed 'Celebrating milestones, Repositioning for the future'.

Looking back at the first four years of operation, Country Manager of Invest in Africa, Clarence Nartey said the organization had awarded contracts worth ¢150 million to local businesses, facilitated 1 million dollars’ worth of credit and trained over 200 SMEs.

“Frankly, these achievements are impressive. We now have a firm foundation and a good business model in place to build on into the future. But we could never have achieved this without the support of our 10 partners and donors, 12 Buyers, 1500 SME’s and the phenomenal IIA team in Ghana”, he said.

The IIA is also poised to becoming a self-sustaining organisation. This means it would not rely on donor-funding as is the case now.

“Achieving these goals will require a re-thinking of some of our operating principles, sharper prioritisation and faster mobilisation of internally generated funds”, Mr Nartey noted.The IIA, Mr Nartey noted will focus on three things, i.e. future recruitments would target Medium-Sized enterprises with an annual turnover of $250k and beyond.

It would also prioritize key sectors of the economy - Finance, Agriculture, Construction and Extractives and ICT (FACE-ICT).

The third area would be to boost communication, highlighting the three benefits of Invest in Africa including access to markets, skills and finance.

The anniversary commemoration saw the launch of a new app, APP 2.0 which easily connects buyers and suppliers on its African Partner Pool (APP).

“This new software provides a real-time connection between SMEs and the buyers, provides data and analytics and opportunity to do procurement directly”, Ghana Manager of APP Ibrahima Aminu explained.

IIA awarded its leading partners for their support in their 4-year journey of impact. The Multimedia Group was awarded the leading online, TV and radio media partner.
IIA Ghana is a non-profitable organization which seeks to provide solutions to Small and Medium-size Enterprises (SMEs) such as access to market, funding and skills to expand to a wider market.

Since its inception, it has partnered with leading private companies like Tullow Oil, Ghana Commercial Bank, Multimedia Group and others to help execute its initiative.

Read more

 

Yasmin and her company received training through IIA’s Business linkage programme (BLP). The BLP is IIA’s $4m training and mentorship programme designed to assist small and medium enterprises to fast track their businesses from locally good to globally competitive. Yasmin’s company (Africa Bagg Recruitment) went on to win the Woman Entrepreneur Award at the Invest in Africa awards 2016.

------------------------------------------------------------------------------------------------

 

Lydia Tioko (Loteiteleit Company Limited, Kenya)

 

Lydia and her SME also accessed finance through Invest in Africa’s Invest in Africa’s Credit Guarantee Scheme (CGS).

------------------------------------------------------------------------------------------------

Below are other Woman led SMEs we’d like to recognise that we work with to provide new markets, skills and finance to.

Betty Gichuki (Create A Tee Limited)

-------------------------------------------------------------------------------------------------

Rael Mzee Ochodo (Chairperson, Akiberan Aberu Suppliers Limited- Turkana County)

-------------------------------------------------------------------------------------------------

Hadija Jama (Founder and Director, Darubini Screening International Co Ltd Nairobi)

------------------------------------------------------------------------------------------------

Victoria Joseph (CEO, Design One)

 

">

For ‘Women in Business’ day this September, we are highlighting all the hardworking business women within Invest in Africa’s (IIA) network, partners and local economies (Ghana, Kenya and Senegal).

We’d like to recognise Akiberan Aberu Suppliers and Contractors Ltd, a wholly women-owned and run business based in Turkana, Kenya. Akiberan Aberu Suppliers were actually the first SME to secure a loan through IIA’s Africa’s Credit Guarantee Scheme (CGS).

Yasmin Boamah (African Bagg Recruitment, Ghana)

Yasmin and her company received training through IIA’s Business linkage programme (BLP). The BLP is IIA’s $4m training and mentorship programme designed to assist small and medium enterprises to fast track their businesses from locally good to globally competitive. Yasmin’s company (Africa Bagg Recruitment) went on to win the Woman Entrepreneur Award at the Invest in Africa awards 2016.

------------------------------------------------------------------------------------------------

 

Lydia Tioko (Loteiteleit Company Limited, Kenya)

 

Lydia and her SME also accessed finance through Invest in Africa’s Invest in Africa’s Credit Guarantee Scheme (CGS).

------------------------------------------------------------------------------------------------

Below are other Woman led SMEs we’d like to recognise that we work with to provide new markets, skills and finance to.

Betty Gichuki (Create A Tee Limited)

-------------------------------------------------------------------------------------------------

Rael Mzee Ochodo (Chairperson, Akiberan Aberu Suppliers Limited- Turkana County)

-------------------------------------------------------------------------------------------------

Hadija Jama (Founder and Director, Darubini Screening International Co Ltd Nairobi)

------------------------------------------------------------------------------------------------

Victoria Joseph (CEO, Design One)

 

Read more

To celebrate the upcoming ‘Women in Business’ day, Invest in Africa has profiled some successful women in business in recognition of all they have achieved in their field and highlight their achievements.

Below are short profiles (of senior women figures from BP, Tullow and Invest in Africa) that shed light about their journeys, career paths, and the advice they want to share with other women in business.

Ayana McIntosh Lee VP of Communications & External Affairs, BP Mauritania & Senegal

What do you think is the most significant barrier to female leadership?

Talented women and men enter the workforce with the same excitement, energy and drive to succeed. Advancing into increasingly more senior positions requires mentors and sponsors with the latter being someone who believes in you enough to advocate for you when leadership opportunities are available. It is the lack of sponsorship, however, that proves to be a major barrier to female leadership.

Which woman has inspired you and why?

Throughout my life, I’ve been fortunate enough to be surrounded by amazing women who inspired me. From my grandmothers who role modelled being strong, smart and bold, to my mother who began and completed law school while married with three children, I’ve seen first-hand that success is achievable through fortitude. The same is true for my professional career where I have and continue to work with incredible women who rise above personal and workplace challenges to make a positive impact on the business, people around them, and leave a lasting impression of what good leadership looks like.

What skills / attributes have served you best and what will future generations of female business leaders most need to succeed as you have?

Capability, adaptability, mobility and humour are the skills that have served me best throughout my career. I’ve always been willing to take the difficult assignments, even when I didn’t yet have all the skills required for the role. This has allowed me to develop faster and to be selected for interesting projects across the world whereby I’ve had to be adaptable to thrive in diverse environments. It hasn’t always been easy but keeping a sense of humour has been essential. I encourage future generations of female business leaders to be serious about their craft, but don’t take themselves too seriously

------------------------------------------------------------------------------------------------------------------

Sandy Stash Executive Vice President, Safety, Operations & Engineering & External Affairs at Tullow Oil

What do you think is the most significant barrier to female leadership?

At some level, society remains skewed against powerful women – and fundamentally, one must demonstrate power to be a leader. I think this issue had an impact on the American 2016 election, actually.

It is changing – but it remains a barrier. Once we can get past this – I think we will have the momentum that is needed to make real progress.

Which woman has inspired you and why?

I am inspired by a number of women CEOs and political leaders – Angela Merkel, being one. I find visible, intelligent women very inspiring. Christine Amanpour and Oprah Winfrey come to mind.

What skills / attributes have served you best and what will future generations of female business leaders most need to succeed as you have?

One skill is not being afraid to put your voice in there. Yes – you may be proven wrong – but it is better to be wrong and have put your ideas in there - than to have not said anything.

A second is not to try to emulate leadership styles. There is no one size fits all – and you are at your best when you are true to yourself. Women bring important attributes to leadership teams – and best bring this forth when they are themselves.

------------------------------------------------------------------------------------------------------------------

Wangechi Muriuki - Country Manager at Invest in Africa Kenya

What do you think is the most significant barrier to female leadership?

The most significant barrier for women is the institutional and cultural mindset on the role of women. There is a gender barrier in our society that has created a set of different expectations for women. This includes the notion that women cannot have a good work/life balance. These barriers hinder a woman’s path to becoming leaders in the work place.

Which woman has inspired you and why?

The late Professor Wangari Maathai, amongst many strong women leaders, has been my main source of inspiration. She inspires me because she fought for women equality her whole life and was a pioneer and a martyr for Kenyan women. She was the first woman to receive her PhD in Kenya, first Kenyan to win a Nobel peace prize and first woman to run for president in Kenya.

What skills / attributes have served you best and what will future generations of female business leaders most need to succeed as you have?

For me there are two skills/attributes that all women in business need. These are to stay focus/ be goal oriented and to always remember who you are. Remember that you are a woman, and do not try to be a man. Be forthright, be bold, but remember to be a woman too. You can still succeed as a woman.

------------------------------------------------------------------------------------------------------------------

Angelina Diyouh - Business Linkage Programme Manager at Invest in Africa Ghana

What do you think is the most significant barrier to female leadership?

The most significant barrier to female leadership is global gendered norms and how women are perceived in society. Every time a woman is to be recognised as a great leader, she has to achieve far more than what her male counterparts will have achieved. This makes a lot of women shy away from taking leadership roles even when they are well qualified.

Which woman has inspired you and why?

Lisa Nichols.

She taught me that one can inspire others by being themselves. Despite her struggles and limitations, Lisa moved from being a struggling single mom on public assistance with only $12 to her name to being recognised as a millionaire entrepreneur, a best-selling author, a humanitarian and a motivational speaker. She has shown great leadership in turning her life around and supporting thousands of people to do same.

Knowing the opportunities available to me today and seeing how she took charge of her own life, it tells me the sky is the limit if I believe, work hard and commit to achieving excellence in all I do.

What skills / attributes have served you best and what will future generations of female business leaders most need to succeed as you have?

  • How to build and maintain good networks at different levels
  • How to build a team, inspire and influence them to achieve results
  • Good communication skills to get people to buy into your vision.

------------------------------------------------------------------------------------------------------------------

 

Tina Boadi - Marketing Manager at Invest in Africa Ghana

What do you think is the most significant barrier to female leadership?

From my experience the most significant barrier is the limited availability of established females in leadership who openly and genuinely want to make time to coach and mentor the next generation.

 

Which woman has inspired you and why?

My late grandmother is my greatest inspiration. She was never formally educated but was a highly successful and influential wax print and cocoa trader amongst her peers in the Ashanti Region. Without any prior invitation she could easily walk into any high office of the land and be given a warm reception.

What skills / attributes have served you best and what will future generations of female business leaders most need to succeed as you have?

I would say resilience and endurance have served me best. Some of the barriers encountered can be extremely frustrating and painful. Resilience and endurance make it easier to get up, lift up your chin and successfully move past the next hurdle.

Read more

It’s been four years since Invest In Africa (IIA) kicked off its operations in Ghana. IIA is a not-for-profit organisation committed to addressing the challenges of identifying credible local suppliers, developing local content and driving cross sector growth across the economy as a whole.

Together with its leading partners, IIA does three main things:

1. Connects multinationals and larger businesses to credible local suppliers (SMEs);

2. Improves these SMEs access to skills, contracts and finance to build long term capacity; and

3. Helps improve the investment climate and quality of policy discussions in the country.

Access to Skills

The African Development Bank’s (AfDB) Fund for African Private Sector Assistance (FAPA) in 2013 awarded IIA a US$1 million grant, their first in Ghana, to deliver the Business Linkage Programme (BLP), a training and mentorship programme that offers SMEs the tools needed to improve their entrepreneurial, managerial and technical capacities. IIA’s partners have also committed over US$3 million benefit-in kind support to the programme. Through another subsdised programme called the Business Accelerated Programme (BAP), funded by the Dutch Development Agency (FMO), EY consultants are assigned to high potential SMEs on a one-to-one basis, to help improve their competitiveness. Also, through a collaborative partnership with Canon, 22 Ghanaian companies from the printing industry have been trained in the latest technologies to enhance their capacity and ability to meet international standards.

Through these flagship programmes and others, IIA has delivered over 25,000 hours of capacity building training support to more than 220 SMEs- many of whom have subsequently been linked to larger Corporates for new business opportunities and created at least two jobs

Access to contracts through the African Partner Pool

The African Partner Pool (APP) is an online marketplace launched by IIA in 2014 to bridge the gap between large companies with procurement needs, referred to as buyers, and SMEs. The rationale behind the APP was borne out of the difficulty local SMEs face in making themselves visible to larger companies. The APP, therefore, is a community where buyers and suppliers across can engage each another, discover new opportunities and grow their business. The APP directory allows SMEs to promote the products and services they can deliver and the standards they can deliver to, making it easier for big companies to find the right suppliers.

Since the introduction of the APP, total volume of contracts won by suppliers has hit 111 (valued at US$151 million). Approximately US$116 million of the total value has been retained in-country. Today, the number of suppliers on the APP is over 1500. IIA through the APP has supported c.32,000 jobs in Ghana over the period.

Access to finance

This is arguably one of the biggest challenges facing SMEs in the country and indeed across Africa. Most banks are unwilling to advance loans to SMEs mainly because of their perceived risk (weak structures, poor financial records, etc) which do not make them bankable. IIA’s ‘Access to Skills’ pillar plays a crucial role in helping APP registered SMEs put in place the necessary structures that will make them less risky and bankable for banks to advance loans to them. So far, approximately US$1million of credit has been disbursed to SMEs through IIA’s banking partners.

These three platforms, have helped build the capacities of SMEs, improved their competitiveness and positioned them on an accelerated path to playing on a global stage.

Challenges

Even though IIA has made great strides in the past 4 years, success has not come on a silver platter. Whilst IIA’s focus on SMEs and multi-sector approach ensures it has a broad-based economic impact, it also means high risk exposure/vulnerability to economic shocks.

For example, the ongoing volatility in the financial sector has affected the IIA ecosystem in two key ways. Firstly, one of its local partners, UT Bank folded up. Secondly, the reduction in credit to the private sector has also affected the ability of some of their SMEs to source credit to operate/expand their business.

It also experienced relatively slower tender activity on the APP platform last year due to slower economic activity. As a result, it was not able to facilitate as many business linkages (and contracts) as it would have liked to for their suppliers.

The Country Director, Clarence Nartey added that, “the organisation has to constantly work to get the right balance between our bold ambitions and the resources needed to deliver them. Most of the time, especially in the case of a not-for-profit, the latter lags behind the former. But thanks to support from our partners, donors and promising self-financing initiatives we are currently pursuing the gap is narrowing.”

Going Forward

Mr. Nartey added that, “going forward, we want to build on the solid foundation laid over the past four years.

The first job to be done is a brand re-positioning one: to communicate our unique integrated brand proposition to our core target audience. We haven’t done this holistically and consistently in the past.

Secondly, we will get sharper on prioritisation by trading our wide breadth of scope for depth in our sectors of focus. Going forward we are prioritizing six key sectors of the economy which will form the basis of our local content efforts. These sectors are oil and gas, mining, financial services, ICT, agribusiness and construction. These are high growth sectors that are closely aligned with the Government’s sector priorities. They also have a strong developmental impact, especially from a job creation point of view. We have re-structured our organization to better align the team with this sector-focus. This approach will ensure we build relevant domain expertise, which will be key in our business partnering to key IIA partners in these core sectors.

We will also be driving a stronger inclusive growth agenda within the IIA ecosystem -as part of our sustainable growth strategy. Any growth plan that does not take into account supplier growth is not sustainable. For this reason one of the key initiatives we will be focusing on is the ‘Homegrown Buyers’ Project. We are identifying between 50 to 100 high potential SMEs who have the ability to grow to become buyers. We will work with these suppliers and build their capacities so that they can in turn sub-contract some of their procurement to ‘smaller’ SMEs on the APP platform.”

Mr. Nartey further stated that the APP platform will soon be re-launched (October 4th, 2018) with improved value-added features: providing more real-time business opportunities and making it easier for more buyer -to supplier and supplier-to-supplier interactions.

Read more

GCB Bank and Invest In Africa (IIA) are pleased to announce the signing of an agreement that formally makes GCB Bank the newest partner of the initiative. IIA is a private sector initiative that brings together leading indigenous and international companies across sectors; actively working together to create a sustainable business ecosystem – by offering local enterprises access to finance, markets and skills that improves their competitiveness and accelerates their growth.

Launched in Ghana in September 2014, to date IIA has registered 1500+ SMEs, facilitated credit access of US$973K and tenders won valued at US$97.1M. GCB Bank’s Managing Director, Mr. Anselm Ray Sowah, explained that: "joining the Invest In Africa initiative further reinforces GCB Bank’s commitment to Ghana, to make a positive difference by supporting in the growth of local businesses.” On his part Invest in Africa Ghana’s Country Director, Mr. Clarence Nartey, stated that: “The partnership with GCB is yet another example of IIA’s commitment to building the right relationships to support SME development, local capacity building and job creation.”

GCB Bank, the largest indigenous financial institution in Ghana with 180+ branches and a strong digital banking backbone, promises IIA registered SMEs will benefit from short-to-medium term capital to enable them service tenders won on the African Partner Pool (APP); IIA’s flagship platform for accessing tenders. The partnership will also explore how SMEs shortlisted by GCB Bank for the Government’s One District One Factory (1D1F) industrialisation programme can benefit from the Business Excellence Programme (BEP); IIA’s flagship access to skills platform.

Large companies and organisations already supporting the initiative include: Tullow Ghana, MODEC, Newmont Mining, Ecobank Ghana, Societie Generale Ghana, Guinness Ghana Breweries, AB & David Law, the Millennium Development Authority (MiDA), the Association of Ghana Industries (AGI), Ghana Investment Promotion Centre (GIPC), EY, Africa Development Bank (AfDB) and Multimedia Group.

Read more

Invest in Africa recognises the importance of the SME sector and works with the private sector and public sector bodies to create prospering African economies.

Invest in Africa (IIA) is a cross-sector initiative that seeks to do three things:

  1. Connect local suppliers (SMEs) to tenders issued by multi-national and large businesses
  2. Help local suppliers win tenders by giving them access to skills & financing through development agency supported training programmes and micro-financing initiatives

The African Partner Pool

Our flagship programme is our on-line platform that connects local suppliers in Ghana and Kenya to tenders

  • 2,843 local suppliers
  • 106 deals done
  • $97.1m worth of deals done
  • 21,000 jobs created

Business Linkage Programme

Invest in Africa’s capacity building programme offers training and consultancy for SMEs in Ghana and Kenya.

  • 262 SMEs trained
  • 162 contracts won by graduates from our programmes
  • $3m of contracts won by graduates on the APP

Financing & support for SMEs

IIA works with banks to help provide loans and financing to SMEs. Total value of finance accessed by IIA SMEs = $863,000 on track for $1m+ by Dec 2018

  • IIAs Credit Guarantee Scheme for SMEs in Kenya
  • 63 SMEs Trained by TRACE (Anti bribery certification provider)
  • IIA is co-organising an ‘SME finance conference’ connecting investors seeking to invest $1-10m into SMEs

Invest in Africa will continue to grow competitive local businesses in Africa, ready for global trade.

Invest in Africa recognises the importance of the SME sector and works with the private sector and public sector bodies to create prospering African economies.

Invest in Africa (IIA) is a cross-sector initiative that seeks to do three things:

  1. Connect local suppliers (SMEs) to tenders issued by multi-national and large businesses
  2. Help local suppliers win tenders by giving them access to skills & financing through development agency supported training programmes and micro-financing initiatives

The African Partner Pool

Our flagship programme is our on-line platform that connects local suppliers in Ghana and Kenya to tenders

  • 2,843 local suppliers
  • 106 deals done
  • $97.1m worth of deals done
  • 21,000 jobs created

Business Linkage Programme

Invest in Africa’s capacity building programme offers training and consultancy for SMEs in Ghana and Kenya.

  • 262 SMEs trained
  • 162 contracts won by graduates from our programmes
  • $3m of contracts won by graduates on the APP

Financing & support for SMEs

IIA works with banks to help provide loans and financing to SMEs. Total value of finance accessed by IIA SMEs = $863,000 on track for $1m+ by Dec 2018

  • IIAs Credit Guarantee Scheme for SMEs in Kenya
  • 63 SMEs Trained by TRACE (Anti bribery certification provider)
  • IIA is co-organising an ‘SME finance conference’ connecting investors seeking to invest $1-10m into SMEs

Invest in Africa will continue to grow competitive local businesses in Africa, ready for global trade.

To mark the second annual World SME (small to medium sized companies) Day — a day designed to highlight and celebrate the significant contribution SMEs make to the global economy -- Invest in Africa will has been discussing and promoting the importance of the SME sector.

The importance of SMEs is undeniable. SMEs account for over 95% of firms and 60%-70% of employment and generate a large share of new jobs, especially in developing nations. Watch our Kenya Country Director, Wangechi Muriuki, discussing World SME Day below.

Wangechi Muriuki

Invest in Africa recognises the importance of the SME sector and works with the private sector and public sector bodies to create prospering African economies.

Invest in Africa (IIA) is a cross-sector initiative that seeks to do three things:

  1. Connect local suppliers (SMEs) to tenders issued by multi-national and large businesses
  2. Help local suppliers win tenders by giving them access to skills & financing through development agency supported training programmes and micro-financing initiatives

The African Partner Pool

Our flagship programme is our on-line platform that connects local suppliers in Ghana and Kenya to tenders

  • 2,843 local suppliers
  • 106 deals done
  • $97.1m worth of deals done
  • 21,000 jobs created

Business Linkage Programme

Invest in Africa’s capacity building programme offers training and consultancy for SMEs in Ghana and Kenya.

  • 262 SMEs trained
  • 162 contracts won by graduates from our programmes
  • $3m of contracts won by graduates on the APP

Financing & support for SMEs

IIA works with banks to help provide loans and financing to SMEs. Total value of finance accessed by IIA SMEs = $863,000 on track for $1m+ by Dec 2018

  • IIAs Credit Guarantee Scheme for SMEs in Kenya
  • 63 SMEs Trained by TRACE (Anti bribery certification provider)
  • IIA is co-organising an ‘SME finance conference’ connecting investors seeking to invest $1-10m into SMEs

Invest in Africa will continue to grow competitive local businesses in Africa, ready for global trade.

Read more

Invest In Africa-Kenya is carrying out a week-long business skills training in Lodwar, Turkana County. The event being held at the Lodwar Vocational Training Center has attracted over 30 SMEs from the region.

The aim is to empower SMEs and build their capacity to respond to the needs of the Oil and Gas industry supply chain. Some of the topics covered in the training include Strategy, Governance, Financial Management and Business Planning , ICT among others.

The training is in partnership with The Deutsche Gesellschaft für Internationale Zusammenarbeit GmbHzz (GIZ), Employment for Development (E4D) SOGA, Shell, Tullow Oil & Kenya Federation of Master Builders (KFMB).

Read more

On Thursday 25th May, Invest in Africa hosted an exclusive briefing event featuring the Ghana Deputy Minister of Trade and Industry, Hon. Robert Ahomka-Lindsay on Ghana’s investment prospects and opportunities at EY London.

Hon. Robert Ahomka-Lindsay shared the current administration’s priorities to, within the next four years, make Ghana the most attractive investment destination in Africa once again. According to the Deputy Minister, priority industries include aluminium, garment & textiles, industrial salts (alkaline), pharmaceuticals and petro-chemicals (gas and crude).

Nurturing and supporting the current job creators in the Ghanaian economy is another focus of the current administration. Hon. Ahomka-Lindsay discussed how the government have begun a stimulus programme for companies with the greatest job creation potential by providing them with tax breaks and other monetary incentives to help them stay in business and create more jobs.

The Deputy Minister also highlighted the country’s bureaucratic structures as an obstacle to doing free and open business, explaining how the government already has plans in place to successfully de-bureaucratise these systems.

He expressed his delight to be working with Invest in Africa to drive investment and create new opportunities with local SMEs. Invest in Africa’s online platform, the African Partner Pool (APP), connects SMEs to large companies helping SMEs access new tenders, training and finance.

With an historic election in the rear view for the country, Ghana sits at a crossroads in its economic and development strategy. Once the beacon of the Africa rising narrative, Ghana’s tumultuous economic growth, energy crisis and falling commodity prices in recent years have caused some panic and anxiety within the general public. However, Hon. Ahomka-Lindsay believes the country’s best days are still yet to come.

Read more

On Thursday the 1st of June, Invest in Africa, in collaboration with Business Council for Africa, hosted an event featuring Ghanaian businessman and politician, Dr. Papa Kwesi Nduom, on the economic climate in Ghana post-elections at Simmons and Simmons.

Increasingly, Ghana has been victim to setbacks in economic growth due to a power shortage phenomenon. However, the new administration has promised an end to this economic hardship and the rampant unemployment among youths.

Dr. Papa Kwesi Nduom, with his experience in diverse business ventures and as founder of the Progressive People’s Party (PPP), examined the current business conditions to provide prospective solutions. He explained that while Ghana’s economic environment is good, systems need to be put in place to allow for the available opportunities to be cultivated. To achieve this, Nduom’s focus was on deregulation: the government must remove their influence on business transactions in the private sector. Furthermore, the underdevelopment of the infrastructure sector provides a promising opportunity for private sector actors to take advantage of; funding should be provided by the private sector and not the state.

Prosperous economies are characterized by increased efficiency, as transaction costs are reduced, and Nduom also suggested the re-allocation of the transportation, energy and water sectors to the private sector. In having focus and financial support fine-tuned to specific sectors, actors would not be overwhelmed with the responsibility and each can strive to achieve maximum functioning in their respective specialities.

Lastly, Nduom placed an emphasis on the importance of education, a sector where government expenditure should be directed. This will lead to an increase in the educated populace, the creation of more jobs and the potential for economic growth.

Invest in Africa’s (IIA) mission is to boost the economies in African countries. IIA strives to achieve this by pooling industry resources, knowledge and networks to support job creation and the development of local businesses. Their programmes, which include the Business Excellence Programme (BEP), function to improve human capital or the standards of local. In addition, the African Partner Pool (APP), a pioneer cross-sector business directory, makes local sourcing more efficient by connecting larger firms and local SME’s; thus creating a level playing field and delivering wide a socio-economic benefit.

Currently, the new administration in Ghana seeks to build the most business-friendly economy in Africa. The President believes this goal, which will create business and employment opportunities can be achieved through empowerment of the private sector.

Read more