A two-day business forum, as part of the Central Region’s trade, tourism and investment fair in Cape Coast, has ended by urging young entrepreneurs to formalise their businesses to enhance access to the international market.
Mr Alhassan Baba Yunus, acting Central Regional Manager of Ghana Enterprises Agency (GEA), said it was critical for businesses to seek the endorsement of credible institutions like the Food and Drugs Authority (FDA) and the Ghana Standards Authority (GSA) to elicit confidence in their products.
“If you ever think of exporting your products, you cannot avoid the FDA and the GSA. Having your products registered by these recognised entities is a demonstration of their quality and safety and once the market is assured of these characteristics, it elevates your value both locally and internationally,” he noted.
The forum was created to foster innovation and entrepreneurship in young people and to make them aware of the wealth of opportunities available to them.
It also discussed the difficulties that new enterprises faced and tried to come up with long-term solutions.
The Central Regional Coordinating Council and the Central Regional Development Commission, who were in charge of organizing the Fair, oversaw its execution.
Mr Yunus said businesses needed to place a premium on packaging of their products, indicating that “packaging is what attracts customers foremost.”
In his discussion on the issue of the high cost of production in the nation, he gave businesses the advice to embrace appropriate and effective technology to reduce costs.
He explained to the attendees how GEA helps to foster a business-friendly environment and advised them to use the agency’s services to ensure and hasten the development of their businesses.
The moment has come, according to Dr. Charles Hackman Essel, a lecturer and researcher with the University of Cape Coast’s School of Business, for the youth to be inventive and constantly enhance their crafts to appeal to domestic and foreign markets.
He observed that even though the Ghanaian youth were capable, they were averse to risk and, therefore, remained in their comfort zone, achieving little or no progress in their ventures.
“We need to have some sort of production innovation; we are too comfortable with where we are. We must be intentional about our dreams and aspirations because the opportunities are just around us,” he said.
“Let us focus on the pain points of people lamenting here and there; that is how we will get our business ideas,” he pointed out.
He said that there was never a better time to launch a business and encouraged young people to start pursuing their goals right once.
Dr. Essel advised business owners to avoid having offensive attitudes toward customers because these attitudes were harmful to business growth and sustainability.
The forum’s chair, Odeefo Amoakwa Buadu VIII, President of the Central Regional House of Chief, noted that the region was losing out on many chances because of the inadequate road network that had made it inaccessible.
Therefore, he urged the government and other relevant parties to assist in repairing and improving the region’s road network in order to hasten the region’s growth.
For the youth and young entrepreneurs, he admonished them to show respect, demonstrate honesty, shun corruption, and deliver good customer service to succeed in business.
Contributing to the discussions, some of the participants lamented the harsh and discriminatory tax regime which promoted established foreign businesses but stifled the budding local businesses.
They, therefore, called for a relook at the current tax regime to enable start-ups to grow and contribute to national development.
The Central Expo 2022 is on the theme: “Promoting Trade, Tourism and Investment in the Central Region – Challenges, Prospects and Solutions” and seeks to stimulate economic activities and drive investment into the region.
The weeklong fair hosted more than 200 Small and Medium Enterprises at the Adisadel College Park in Cape Coast.
