Government Aims for 600 New Businesses by 2028, Starting with Kwahu Forum

The government of Ghana has reaffirmed its commitment to boosting the nation’s business sector, setting an ambitious target of establishing over 600 new enterprises by the end of President John Dramani Mahama’s current term in office.

This initiative is closely linked to the upcoming Kwahu Business Forum, scheduled for Saturday, April 19, 2025. The forum is designed to facilitate crucial discussions and connections between financial institutions and private sector players, exploring potential investment opportunities and supportive policies.

Speaking to journalists today, Monday, April 14th, Chief of Staff Julius Debrah highlighted the significant potential of the Kwahu Business Forum to inject much-needed capital into the Ghanaian economy and generate sustainable employment opportunities. He emphasized that the creation of new businesses will stimulate local economies across the country, lead to job creation, and increase tax revenues, ultimately contributing to overall national economic growth.

Julius Debrah outlined a key strategy where each participating bank at the forum is expected to commit to supporting at least five viable business projects this year, with the intention of continuing this support on an annual basis. This approach is projected to result in the establishment of more than 600 new enterprises by the end of the current four-year presidential term, aligning with President Mahama’s vision of fostering a dynamic and inclusive business environment.

The Kwahu Business Forum is strategically designed to serve as a vital platform for dialogue and collaboration between financial institutions and private sector stakeholders, aiming to strengthen Ghana’s overall business ecosystem. It will bring together key players to discuss innovative financing models and strategies to further enhance the country’s business climate.

“A lot of funds are going to come into the economy. Because once a business starts, it stimulates the local economy where the company will be cited, and people get employed. They get money, and they pay their taxes, they buy other products from other people, and then our economy is stimulating and growing. And so, I think what he intends to achieve is that he wants to grow businesses,” Mr. Debrah explained.

He further added, “[President Mahama] wants to be remembered for one thing that during his tenure, at least if for nothing at all, he brought up the conversation, invited business people, and asked them to start something, not just starting but encouraging banks to give them the necessary support so that we will develop our nation.”

Mr. Debrah also detailed the expected commitment from participating banks: “At least each of the banks that will show up are going to pick five projects, five bankable projects for this year. And they expect that next year, when we return to Kwahu, they will invite those five people that they helped or assisted to come and testify.”

He concluded, “So if this continues for the next five years, each bank taking a minimum of five people, five enterprises to support. The following year doing the same. I’m sure by the end of his four-year tenure, we’ll have over 600 enterprises that we can pinpoint and see that these are things that President Mahama started.”