The Africa Centre for Entrepreneurship and Youth Empowerment (ACEYE), a policy think-tank, has ranked the Savannah region first in its 2024 edition of the Regional Entrepreneurship Freedom (REF) Index.
The region is the latest with the “moderately free” environment for businesses and entrepreneurial activities in the country, according to a survey carried out by the ACEYE.
The assessment highlights regional differences and pointed out areas where entrepreneurship freedom can be strengthened using 14 indicators.
The Regional Entrepreneurship Freedom (REF) Index is an initiative by the the Africa Centre for Entrepreneurship and Youth Empowerment (ACEYE). It is an in-country study of all the 16 regions of Ghana according to a set of indicators with focus on entrepreneural freedom and recommendations of improvement.
These 14 indicators include financial freedom, freedom from corruption, monetary freedom, freedom from government, regulations, fiscal freedom, investment freedom, property rights, information freedom, market freedom, cultural freedom, technological freedom, labour freedom and trade freedom.
Mr Emmanuel Acquah, the Chief Executive Officer (CEO) of ACEYE, during the Savannah regional REF Index dialogue in Damongo, in collaboration with iValley Ghana, noted that the region performed creditably well except in the Areas of financial freedom, regulations, monetary freedom, and fight against corruption.
The Savannah region had a raw score of 6.79 and ranked first as a ‘Moderately Free’ environment in the area of Trade Freedom. Labour Freedom ranked second, Technological Freedom third and Cultural Freedom, fourth.
Market Freedom, Information Freedom, Property Rights, Investment Freedom, Fiscal Freedom ranked fifth to tenth respectively.
Whilst Freedom from the Government, Monetary Freedom, Freedom from Corruption, Regulation, and Financial Freedom ranked from 11th to 14th respectively.
Mr Emmanuel Acquah disclosed that the study which was carried out by ACEYE has among other things recommended the reduction of tax burdens of Small and Medium scale Enterprises to streamline activities of State agencies that perform duplicate roles with regards to registration of businesses in the Small and Medium scale Enterprises ( SMEs) space and Ghana Revenue Authority must improve mechanisms for SMEs at the regional level. This will boost the young population to turn the challenges around the Savannah region into opportunities.
The survey’s assessment was conducted through a mixed method approach to solicit responses from 3200 respondents in all the 16 regions, with each region assigned 200 respondents. t
He said the REF Index is an essential tool for evaluating the autonomy and decentralisation of entrepreneurial decision-making across regions in Ghana.
“We incorporated ethnographic methods, interviews and observations into the analysis where each region conducted a survey with 200 respondents”
Participants made brilliant contributions during the program with many appealing to ACEYE, iValley Ghana, and other NGOs to run a joint advocacy and serve as a market link for Entrepreneurs in the area. Some also called for involvement of traditional leaders in the investment decision-making process to help boost Entrepreneurship in the area.
Hajia Dr. Kansawurchea Bukari Azara, President of the Queen Mothers’ Platform in the Savannah Region, urged the people of the Savannah region especially, the youth to venture into entrepreneurship and agriculture supply chain businesses while they are still young.
“The best time to start the entrepreneurial journey is while you’re still young. Don’t wait to retire before you become an entrepreneur. Start small and grow with it” .
Hajia Kansawurchea Azara added that getting capital with the right personnel and in the environment is important to advancing entrepreneurship. Therefore, the youth should form groups and work together to achieve their goals.
Abdulai Zulkaninu
