Cape Coast(C/R), Oct. 24, GNA- The Minister of Private Sector Development, Mr Kwamena Bartels, on Friday stated that it is the response that people give in support of government policies that enables a nation's economy to grow, or become stagnant.

According to him, an economy thrives on the decisions that the citizenry take, whether as individuals, groups, students or professionals, stressing that everybody has a role to play in the socio-economic development of a country.

Mr Bartels, stated this in a speech read for him, at a symposium organised by the Physics Students Association of Ghana (PHYSAG), at the Cape Coast University (UCC), under the theme, "the role of the scientist in the golden age of business".

The Minister, whose speech was on the topic, "government assistance and policy for the young entrepreneur", reiterated the importance of a vibrant private sector to socio-economic development, and stressed that no country, has ever been successful without it.

He however, expressed regret that the small and medium enterprises (sme's) in Ghana face numerous constraints and problems, such as lack of access to appropriate credit and market, poor business skills and poor level of technology.

The Minister, in this regard, charged the youth, especially science students, to endeavour to be innovative, research thoroughly and come up with ideas, which could lead to business start-ups.

"It is important that research is made practical and moved away from the laboratories and the shelves into the industry. Science students and masters must learn to walk to the banks and financial institutions to market their research findings", he declared.

The Chief Executive Officer of Databank, Mr Ken Ofori-Atta, who spoke on, "finding money to invest", and whose speech was also read on his behalf, mentioned personal resources as the first source of funding for investing in a business, adding that, one could also source funds through partnerships and the financial institutions. He urged the students to cultivate the habit of saving, while in school to enable them have the requisite seed money to begin businesses that they want to undertake after graduating.

Mr Ofori-Atta advised them to, for instance, invest in treasury bills and the EPACK, a mutual fund operated by Databank, in order to protect their savings from depreciating as a result of inflation. The Managing Director of Fateco Limited, a private business concern based in Accra, Mr Robert Woods, on his part, stressed the need for young entrepreneurs to be empowered with the requisite knowledge and technology, before financial assistance to ensure appropriate use of monies.

The president of PHYSAG, Mr George Anni, in his welcoming address, said the aim of the symposium, was to equip the members with the requisite knowledge that would enable them to contribute significantly to the government's golden age of business, when they complete their courses.

The Dean of the Faculty of Science Professor Victor Gadzekpo, who chaired the function, also urged young scientists to think of how to contribute to the socio-economic development of the nation, stressing that graduates should create jobs for themselves instead of relying on the government for employment.