Eastern region ranked 1st as most conducive environment for entrepreneurs

The eastern region was ranked firstSt The regional Entrepreneurship Freedom Index report revealed that it is among all 16 regions as the most favorable environment for entrepreneurs to thrive.

The ranking is based on 10 indicators of entrepreneurship freedom. They are commerce, finance, monetary, investment, freedom from government, freedom from corruption, labor, property rights, regulation, and finance.

According to the report, the Eastern Province scored very high in five of the indicators – employment, property rights, trade, investment, and access to money.

The survey also showed that the region enjoys a moderate amount of governmental, regulatory and financial freedom.

It also proved that the region is hardly free from corruption and financial policies.

Ashanti region came 2second abbreviation, while the northeast region developed 3research and development As a conducive environment for entrepreneurs to thrive. The Ooty region ranked last (16 .).NS)

The survey, developed by the Africa Center for Entrepreneurship and Youth Empowerment in collaboration with Atlas Network research, shows that the ecosystem is not friendly to the survival of entrepreneurs in the country.

Speaking at the launch of the report, IMANI Africa Vice President Selorm Branttie called on the government to sterilize the entrepreneurship ecosystem to enable startups to fully implement their initiatives.

According to him, the government has started support schemes to help Mirco and small and medium-sized enterprises, however there is no evidence of success of the entrepreneurs or none at all.

“There is a very misconception that once you become an entrepreneur, you have money to waste. Nobody asks entrepreneurs what their core missions are or what they are striving to achieve. This focus is not there because we unconsciously created an economy that is run by people in government. But the point is that entrepreneurs Businesses aren’t asked what they really want.”

“I believe that when the right ingredients are put together, the public and private sectors can be incentivized to create a thriving ecosystem. So, it’s not just about money, but the necessary factors that can create strong and resilient businesses.

CEO of the Africa Center for Entrepreneurship and Youth Empowerment Emmanuel Akwa said the report shows that each region has its own dynamics and requires different approaches by the government to support entrepreneurs.

“Looking at the indicators of 10 regions out of 16, each region has its own dynamics. There are some regions where we think the government should limit its interference in the activities of entrepreneurs. For example, looking at the Ashanti region, we discovered through a focused group discussion that these The companies do not receive funds directly from the government. However, they have admitted that they have heard of support schemes targeting them and are not benefiting from it.”

“This revealed that as much as the government is trying to help entrepreneurs by spending on them, it is not achieving its goal,” he said.

The survey included 3200 respondents from different regions.

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