Dr Mahamudu Bawumia has put the economic challenges confronting Ghana’s young entrepreneurs in the spotlight, with tax relief, affordable business financing and improved access to economic opportunities emerging as key priorities in discussions with the leadership and members of the Ghana Chamber of Young Entrepreneurs (GCYE).
The engagement focused on practical measures to unlock the potential of Ghana’s private sector, strengthen startup businesses and create an enabling environment for young people to transform innovative ideas into sustainable enterprises.
Among the major issues discussed were the advancement of the proposed Startup and Innovation Act, improved access to affordable loans, the restoration of tax incentives for young businesses and reforms to open public procurement opportunities to youth- and women-led enterprises.
The discussions also examined how Ghanaian businesses could benefit from the African Continental Free Trade Area (AfCFTA), stronger business incubation programmes and skills development, as well as more structured youth participation in economic policymaking.
For thousands of young entrepreneurs, taxation and the high cost of running a business remain major obstacles to expansion, profitability and job creation.
Emerging businesses often struggle to meet their financial obligations while investing in equipment, recruiting workers, developing products and competing with established companies.
Restoring targeted tax incentives for young enterprises could help ease these pressures, preserve working capital and give startups greater room to grow.
The critical question is whether such relief can be translated into practical measures that reach businesses at the early stages of development, when financial constraints are often most severe.
CHEAPER LOANS TO DRIVE JOB CREATION
Access to affordable credit was another central issue in the discussions.
Young entrepreneurs frequently face difficulties obtaining loans on terms that allow them to invest, expand operations and employ additional workers.
High borrowing costs and collateral requirements can prevent otherwise promising businesses from securing the capital they need to grow.
Measures to improve access to affordable financing could therefore help unlock private investment, encourage innovation and create employment opportunities for Ghana’s youth.
Aspiring entrepreneurs, tmwant financing to be available on terms that make business expansion commercially viable rather than turning loans into an additional burden.
STARTUP AND INNOVATION ACT IN FOCUS
The proposed Startup and Innovation Act also featured prominently in the engagement.
A supportive legislative framework could provide a stronger foundation for innovative enterprises, particularly businesses operating in technology, digital services and other emerging sectors.
However, its effectiveness would depend on the incentives, protections and practical support it ultimately delivers, alongside clear implementation arrangements.
YOUNG ENTREPRENEURS SEEK ACCESS TO GOVERNMENT CONTRACTS
The engagement also addressed the need to open public procurement opportunities to youth- and women-led businesses.
Greater access to government contracts could provide qualified small businesses with revenue, expand their operations and enable them to employ more people.
Any reforms, however, must preserve transparency, accountability and value for money while ensuring that smaller enterprises have a fair opportunity to compete.
The discussions further highlighted the potential of the AfCFTA to connect Ghanaian businesses to larger markets across Africa and beyond.
With appropriate financing, digital capabilities, technical skills and export support, young entrepreneurs could move beyond the domestic market and participate more actively in regional trade.
The engagement also stressed the importance of strengthening business incubation systems and institutionalising youth participation in economic policy discussions.
FROM PROMISES TO ECONOMIC OPPORTUNITIES
The engagement underscores a broader economic argument: Ghana cannot unlock the full potential of its youthful population without creating the conditions for young people to establish, finance and grow successful businesses.
