Prominent Business man and former Member of Parliament (MP) for Nkawkaw, and Chairman of the Ghana Tourism Authority (GTA), Seth Adjei Baah has offered valuable advice to the country’s youth on starting a business.

Starting a business, he noted involves a comprehensive approach. This approach comprises identifying market demand, addressing potential obstacles, and devising revenue-generating strategies to overcome challenges.

In an interview with Korku Lumor on the Class Morning Show, on Tuesday, 7 November 2023, on Class 91.3 FM, the businessman, highlighted the challenges of unemployment that have persisted due to various difficulties faced by the government over the years.

For aspiring entrepreneurs, he emphasised the importance of getting certain key aspects right before venturing into business, as the overall cost of doing business has considerably increased. Lowering these costs is vital to ensure the profitability of a business.

The business man also pointed out that entrepreneurs cannot rely solely on their own financial resources and pocket money to fund a meaningful business venture. He suggested seeking support from financial institutions, such as banks, to cover the required startup capital.

Regarding self-sufficiency and reducing dependence on imports, he indicated that Ghanaians import a wide range of products, including items like chicken and cow feet.

Despite this, Ghana possesses the natural resources, such as arable land and abundant water bodies, to produce many of these goods locally. He stressed the need for awareness campaigns by the government to encourage local production and consumption, supported by the necessary logistics and knowledge transfer.

The businessman also mentioned the “One District, One Factory” initiative as a promising concept introduced by the government. However, he pointed out that challenges in the implementation of the program have hindered the projects from taking off as anticipated.

The businessman further highlighted that the introduction of the “One District, One Factory” programme created an expectation among Ghanaians that the government would provide funding for these initiatives.

He stressed the need for effective implementation to make this vision a reality and boost economic development across various districts in Ghana.