The Entrepreneurs Foundation of Ghana recently held an event celebrating entrepreneurship and honoring individuals who embody its spirit. Ambassador Gene A. Cretz was among those recognized, receiving an honorary entrepreneurship award. During his remarks, he emphasized the vital role small businesses play in open economies, noting that "small business is the backbone of an open economy."
Ambassador Cretz highlighted the United States' commitment to supporting global entrepreneurship as a means to foster economic opportunity worldwide. He outlined this support with a three-letter acronym: P-E-P, which stands for Preparation, Encouragement, and Promotion.
He elaborated on various initiatives by the U.S. government to promote entrepreneurship in Ghana. These include exchange programs like the International Visitor Leadership Program and StartUp Cup Ghana, aimed at nurturing innovators and job creators. The TechCamp West Africa initiative was also mentioned as a platform where 100 social and private entrepreneurs were mentored by senior professionals from different sectors.
The African Women’s Entrepreneurship Program (AWEP) was highlighted as an effort to empower women entrepreneurs by providing mentorships and training while removing barriers that limit their participation in the economy.
Ambassador Cretz also noted efforts to improve access to credit for small and medium-sized enterprises (SMEs) in Ghana through collaboration with local financial advisors under USAID's West Africa Trade Hub initiative. This aims to provide financing opportunities for businesses in various sectors such as cereals, mangoes, shea, cashews, and apparel.
Additionally, he discussed agricultural growth facilitated by USAID programs that aim to increase food security and combat poverty in northern Ghana through market linkages and access to finance.
Another significant initiative mentioned was the Young African Leaders Initiative (YALI), launched by President Obama in 2010. It focuses on supporting young African leaders across various fields including entrepreneurship.
In closing his remarks, Ambassador Cretz reaffirmed his belief that "entrepreneurship is one of the most powerful ways for individuals to improve their own economic circumstances" and expressed continued support from his government towards fostering this spirit within Ghana.