Accra, Sept 28, GNA - Entrepreneurship is key to economic development due to its strategic niche in the transformation and creation of jobs, Professor William Otoo Ellis, Vice Chancellor of Kwame Nkrumah University of Science and Technology on Tuesday said.

He advocated the establishment of the Social Innovation Fund to support entrepreneurial innovations and creativity in Ghana.

Prof. Ellis was speaking at the launch of the Church of Pentecost International Trade Exhibition dubbed “PENTEX 2012” on the theme: “Accelerating the Growth of Entrepreneurship and Industry for Sustainable Development”, in Accra.

The impending exhibition seeks to create a platform for show casing new products and services and for new and dynamic entrepreneurial networking.

It would also give young and promising entrepreneurs the opportunity to connect with experienced mentors, to create an entrepreneurial awakening “for ploughing of the fallow ground.”

Prof. Ellis said the start-up capital should attract low interest rate, since the private sector was currently been supported through the rural banks and the saving and loan schemes.

He noted that the current global economic crisis has increased the urgency for countries, especially in the developing economics like Ghana, to identify new sources of growth and develop a sustainable path to economic success.

“Traditional reliance on natural resources is insufficient to support long-term growth and it mainly through entrepreneurship and innovative economic management can countries enhance competitiveness, diversify their economies, and realise all the benefits of the rapidly expanding digital economy,” Prof Ellis said.

He said efforts were being made to grow and develop the private sector but there were challenges.

Prof. Ellis mentioned access to productive resources, especially capital, particularly start-up capital for young entrepreneur, lack of the culture of entrepreneurship and education and managerial know-how.

Others were the lack of innovation and creativity, requisite government support and creation of the right environment and critical role of the media.

The Vice Chancellor said to accelerated strategic growth, government and the private sector needed to set up efficient low or interest free loan that would provide greater access to capital to entrepreneurs.

“To build the foundation for sustainable entrepreneurship and innovation; government needs to develop favourable policies and programmes that supports these important areas,” he said.

Prof Ellis called on the media to value the importance of entrepreneurs in the development of the country.

Nii Ansah-Adjaye, Chief Director, Ministry of Trade and Industry, commended the church for promoting entrepreneurial skill acquisition.

Apostle Albert Amoah, who represented the Chairman of the Church of Pentecost, said the church had been in the forefront of championing the spiritual growth of the nation and has supported education, health and social interventions.

He said the church was also committed to ensuring a holistic development of its members, and contributed to nation building.

The 10-day exhibition which is slated for August 31 to September 9, 2012, would bring together small, medium and large scale entrepreneurs both local and international.