Kumasi gets business incubator

Dr. Edward Omane-Boamah, Minister of Communications, has inaugurated the Kumasi Business Incubator, set up at the Kwame Nkrumah University of Science and Technology, with a call to businesses to take advantage of the facility to grow their enterprises.

The Incubator, a joint project of the KNUST Centre for Business Development (CBD), World Bank, National Board for Small-Scale Industries (NBSSI) and e-Ghana Project Initiative under the Ministry of Communications, is part of the government’s agenda to make the private sector more vibrant.

It would help to promote best practices in management and service delivery, provide training in managerial and entrepreneurship skills and also assist businesses to implement their business plans by way of counseling and advisory services.

Dr. Omane-Boamah said the government was determined to addressing weaknesses in the business environment through partnership with research institutions and generation of innovative ideas.
He said studies had shown that 70 per cent of start-ups in developing countries fail within the first two years after establishment due to poor knowledge of the challenges and dynamics of the business environment.

For this reason, an amount of US$500, 000 is being provided under the e-Ghana Project Initiative to assist in the development of innovative small and medium-size businesses.

Dr. Omane-Boamah expressed confidence that the Incubator, with its abundant expertise and technocrats would work hard to provide relevant services for economic growth.

Professor William Otoo Ellis, Vice-Chancellor of the KNUST, said the Incubator currently has 25 companies, and would provide the platform for the University community of more than 40,000 minds to create viable commercial ventures.

He said he was optimistic that the facility would encourage young graduates to start their own businesses to tackle graduate unemployment.

Source: GNA