A Regional Entrepreneurship Freedom Index (REF Index) report commissioned by the Africa Center for Entrepreneurship and Youth Empowerment (ACEYE) in Ghana, has revealed that various entrepreneurship interventions by governments over the years, have not really had an impact on the people, especially across the regions.
Because of the unique nature of each region, the interventions have had very little influence in extremely unequal measurements throughout the regions, according to the research.
“The various locations differ in human capital, entrepreneurial skills, and the favourable business climate” noted the report.
According to the report, 12 out of the 16 regions scored below 5 marks out of a total of 10 marks for entrepreneurship development, where the Eastern region was ranked highest with a score of 6.36 and an interpretation of being moderately free on entrepreneurship.
Meanwhile, the Ashanti, Upper West and North East regions which were found to be mostly free for entrepreneurship, scored between 5.25to 5.50.
The Africa Center for Entrepreneurship and Youth Empowerment (ACEYE) said the report is to help policy makers to fine tune their policies to suit the entrepreneurial strengths and weaknesses of every region to fit the current realities of the times.
Speaking at the launch of the maiden edition of the Regional Entrepreneurship and Freedom Index report at the Stanbic Business Incubator in Accra, the Co-founder and Chief Executive Officer of ACEYE, Emmanuel Aquah, said Government ought to be more concerned with the creation of more conducive environment for entrepreneurs to grow, rather than seeking to intervene in the entrepreneurship space.
“There is so much interventionist approach to a number of things in the country by Government. In as much as we are having these interventionist stuff, let’s ask ourselves, what has been the outcome. We would say the intentions are good, but the outcome, I do not think so,” he said.
He urged Government to leave the entrepreneurial space for the private sector to handle since they better understand what it takes to create businesses.
“The way forward is to free up the entrepreneurial space. We should have institutions which do not become barriers to entrepreneurial growth. Instead, it should become enablers of entrepreneurial growth. If all the approaches by Government in job creation does not lead to wealth creation, it becomes a problem,” he noted.
