Ghana’s NEIP seals project agreements in India

The National Entrepreneurship and Innovation Plan (NEIP) is a job creation policy launched last year by the ruling New Patriotic Party (NPP) and President Akufo-Addo’s government aimed at supporting young entrepreneurs to grow their businesses.

It has the prime object to address the growing unemployment situation in Ghana.

The initiative is seeking to raise funding to the tune of $100 million dollars with an overall objective to stimulate private sector growth to accelerate job creation and to provide entrepreneurial Ghanaian youth with a critical alternative to the usual salaried appointments.

 

It is considered to be a major economic intervention that would also provide tax incentives for startups and entrepreneurs to commence and expand their operations.

Under NEIP, the plan is to incentivize and partner private sector investors to set up business incubator hubs and industrial packs, [and] establish a new enterprise fund to attract private partnership nationally.

The project is also meant to provide a ready market for the products and services of start-ups through the reservation of the percentage of the proposed 70 percent of local content public procurement contract.

It is against these backgrounds that NEIP is pushing for ‘Youth In Industry’ through a partnership with India under the One District One Factory landmark policy of the Akufo-Addo government.

In an exclusive interview with the Chief Executive Officer of NEIP, Lawyer John Kumah, who is currently in India participating in the India-Africa Conclave sponsored by the India Exim Bank, he disclosed that NEIP has partnered ACE Construction Company in India to roll out 29 new factories for youth startup under the NEIP Youth In Industry which is seeking to feed into the One District One Factory policy of government.

The India Africa Conclave is meant among other things to promote trade between India and Africa.

“The NEIP Youth In Industry is currently being financed by Ghana Exim Bank, and Venture Capital Fund for the first phase while India Exim Bank will fund the second phase of the project,” Lawyer John Kumah revealed.

The Ghanaian delegation participating in the India-Africa Conclave included Minister for Business Development, Hon. Ibrahim Awal Mohammed, Hon. Atta Kyea, CEO of NEIP, CEO of Ghana Exim Bank among others and was ably supported by the Ghana High Commission in India led by H.E. Lawyer Mike Oquaye Jnr.

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