Stakeholder consultation on the Ghana startup bill began back in November, with an intention of setting up a startup act in early 2021. Participants attended regional workshops across the country to give their views on what should be addressed by the legislation.
Ghana is closely following Senegal and Tunisia who have already implemented startup Acts. The much-awaited bill is now in its drafting phase. According to Dr. Ibrahim Mohammed Awa, the Business Development Minister, they have set up a committee on the Startup Bill, and in two months, it will be set for cabinet consideration and parliamentary approval.
A major highlight on what we can expect from the bill is the fact that one will not have to pay taxes for eight to ten years.
Participants in the process
- The drafting committee comprises the National Entrepreneurship and Innovation Program, Ghana Chamber of Young Entrepreneurs, Ghana Hubs Network, Ghana Start-up Network, i4Policy, and Private Enterprise Federation, among others.
- A technical working committee comprising experts in the ecosystem to champion advocacy action.
Scope of the proposed bill
The committee has a 3-month mandate to widely engage with all relevant stakeholders and arrive at a draft Startup Act which aims to:
- Create an incentive framework for the creation and development of startups
- Legal backing for starting businesses and promoting startups for decent job and wealth creation
- Presentation of final work