The Pro Vice Chancellor of the University of Professional Studies, Accra (UPSA), Professor John Kwaku Mensah Mawutor, has underscored the need for policymakers to prioritise the promotion of enterprise at all levels to enhance economic growth.
He pointed out that promoting entrepreneurship among young people in schools and colleges and at the national level would help address some of the challenges facing Micro, Small, and Medium-Sized Enterprises (MSMEs).
Prof Mawutor made the call at this year’s Financial Innovation and Enterprise Conference (FIE2023), organised by the University of Professional Studies, Accra.
The annual global gathering, held from December 14–15, 2023, brought together policymakers, entrepreneurs, and experts from academia and industry.
It was themed “Promoting Sustainable Enterprises in Developing and Emerging Economies.”
This was the first time the two-day international conference, was being held outside of the United Kingdom.
It aimed to foster research-based dialogue and knowledge sharing as catalysts for change in the financial and entrepreneurial sectors.
“As we focus on promoting sustainable enterprises, we must prioritise enterprise promotion at academic and policy levels,” Prof. Mawutor said.
“Ghana stands at a crossroads with a path forward that involves embracing homegrown policies, integrating entrepreneurship into educational systems, and fostering an environment conducive to entrepreneurial success.”
Founder of the FIE Conference, Prof. Javed Hussain stressed the need to bridge the gap between industry, academia and policymakers to promote sustainable enterprises.
He said the economic impact of MSMEs on global GDP cannot be overemphasised.
Prof. Hussain therefore called on developing economies to make deliberate efforts to nurture and grow young businesses in order to achieve the economic growth they so desire.
Deputy Minister of Finance, Abena Osei-Asare, emphasised that building an entrepreneurial economy requires the collective contribution of all stakeholders.
She said the government has put in place the necessary legislative and regulatory framework to support private sector growth while also creating an enabling environment for businesses to thrive.
Madam Osei-Asare stressed the need to bridge the gap between traditional financial systems and modern fintech solutions to ensure inclusivity and accessibility for all entrepreneurs.
She commended the management of UPSA for organising the conference, which she said will help build the capacities of industry players.
Other speakers at the conference included Dr Derek Watson, Business School Project Leader at the University of Sunderland, UK, Dr Claran Mac an Bhair, Institute for Small Business and Entrepreneurship (ISBE), Dr Richard Ampofo Boadu, GETFund Administrator, Mrs Elsie Addo Awadzi, Second Deputy Governor of the Bank of Ghana, and Mr Kwame Osei-Prempeh, MD and Group CEO of Ghana Oil Company.
The FIE 2023 Conference was jointly convened by UPSA, Birmingham City University, the University of Sunderland in London, and the Institute for Small Business and Entrepreneurship (ISBE).
