Social capital essential for business growth – Madam Sakyi-Bekoe

Madam Ohenewa Sakyi-Bekoe, a Development Consultant and Board Member, at WestlionCo, an African-centered entrepreneurship hub, has advised young and start-up entrepreneurs to develop social capital and cultivate meaningful relationships for sustainable business enterprises.

Business owners, she said, were responsible for identifying relevant connectors and collaborators to amass the required resources for building sustainable enterprises.

Madam Sakyi-Bekoe was speaking at the opening of the Second Africa Entrepreneurship Accelerator Summit 2023, in Accra.

She called on key stakeholders to beef up Small and Medium Enterprise support and create opportunities for businesses to thrive and grow.

Madam Angela Asante, the Presidential Advisor, Gender and Development, said entrepreneurship was a transformative force that held the potential to reshape Africa’s destiny, which was not merely an abstract concept but a transformative force.

She said some major challenges had long hindered the rise of youth entrepren
eurship on the continent, including access to education, finance, mentorship, and digital innovation.

‘It is our collective responsibility to break down these barriers and create an enabling environment for youth entrepreneurship to flourish as Africa is home to the youngest population in the world,’ she said.

Madam Asante assured participants of the Government’s determination to deepen entrepreneurship support on all fronts.

Mr Richard Densu, the Acting Chief Enterprise Business Officer at MTN Ghana, said African trade barriers were falling, even though intra-African trade held enormous potential.

He said though Africa was rich with a huge proportion of the world’s renewables and non-renewable natural resources, the continent still faced a significant economic gap, compared to the rest of the world.

This is evidenced by lower GDP per capita, reduced access to basic services, and a lag in key development indicators.

‘The fastest way to accelerate Africa’s economic growth and create prosperity for genera
tions to come is through entrepreneurship,’ he said.

Mr Densu said job creation, innovation and adaptability, wealth creation, resource mobilisation, and diversification were the reserves of a well-nurtured entrepreneurial economy.

‘There are six connectors that will consolidate Africa’s Entrepreneurship Acceleration including secure energy, efficient transport, reliable communication systems, resilient sanitation, affordable housing, and soft infrastructure,’ he added.

The continent could openly embrace modern technology and ideas, with no historical imprint from which to break free, he noted.

Source: Ghana News Agency

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