President of Ghana, Nana Akufo-Addo, has called on African governments to promote the Small and Medium Scale Enterprises (SMSEs), in order to achieve economic growth.
According to Akufo-Addo, who was a guest at the Tony Elumelu Foundation Entrepreneurship Forum 2018, which was held in Lagos on Thursday, SMSEs are crucial to a nation’s economic growth.
“Small and Medium Scale Enterprises (SMSEs) are those that drive the economy. You hear of the big corporations. (But) Even in America, it is the SMSEs that drive the economy. That is what we also have to build.
“When we put all of these things together, we are then creating an opportunity for growth and for prosperity and wellbeing.”
According to the Ghanaian leader, Africa is endowed with rich natural and human resources to cater to for needs of its people.
He, therefore, wants other African leaders to make good use of the resources at their disposal for the prosperity of all rather than seeking foreign aids and financial assistance.
As for the employment challenges facing the continent, Mr Akufo-Addo called for a change of attitude of African youths.
He explained that 70 per cent of youths in America work toward owning their own business, while only 30 per cent of youths in Africa work toward entrepreneurship.
Akufo-Addo added, “A survey was conducted by the Ministry of Business Development together with the Ministry of Education of selected schools in Ghana. The question that was posed was ‘how many of you want to be business owners?'”
“Two per cent gave the answer that they want to be business owners contrast them to 70 per cent when the same survey was conducted in American schools. Seven out of 10 young Americans said they want to be business owners.
“That is the nature of the challenge – the changing of the mindset, the changing of the culture, the changing of the attitude. That will then compel us to go down the line of entrepreneur development.”