Ghana Startup and Innovation Bill

Job creation is a key instrument for achieving sustainable and inclusive growth needed to generate national wealth and reduce poverty. According to the 2017-2018 GEM Report, African Continent is the least expected to create jobs (17%) among the five regions in the world categorized by GEM. According to the 2017—2018 IFS Report, Ghana is currently facing three critical economic challenges, namely a slowdown of economic growth, rising unemployment, and surging public debt. It is the view of the IFS that the future prosperity of Ghana requires faster economic growth that will create more job; a sustainable fiscal plan that will halt the rising public debt; and bring its trajectory down over the medium term. This is made evident in the fact that Ghana is still battling with revenue generation especially from income and corporate taxes simply because about 85.5% of the employment sector of Ghana (per 2010 PHC Figures), which happens to be furnished by the Private Informal businesses, are actually struggling with growth and are technically out of the Tax bracket. The world over, it has been recognized as a workable fact that a very strong supportive Entrepreneurial framework underpinned by various strategic principles will be needed to achieve the desired sustainable and inclusive growth needed to generate national wealth and reduce poverty. The largest economies in the world have all thrived on a supportive legal entrepreneurial framework that supports Startup businesses. Ghana’s current situation is largely a lack of regulation, an inappropriate legal framework, and an absence of flexibility in financial procedures resulting in the ecosystem of entrepreneurship. The absence of a well-structured Startup Act that will establish the various principles and supporting legislation required to promote entrepreneurial development in Ghana is a major concern for industry players in Ghana. Hence the need for Ghana Startup Act