Young entrepreneur and social commentator, Ama Owusu Boateng has said Ghana “is hostile to start-ups” saying one “might never fully grasp until you find yourself on the path.”
Ms. Boateng in a short article in a Facebook post sighted by Awake News, Ghana is a country where there is “No access to credit financing, loans or any form of support system” for start-up businesses.
She lamented that even if a young entrepreneur works so hard to save some money at the bank, you may way up one day only to hear the news that the bank has collapsed and you may never get your money back.
“You even work hard for the money yourself and one day you hear that the bank or institution has collapsed and there’s absolutely no assurance that the institutions responsible for it will ensure that you get your money back.” – she writes
Sharing her bitter experience Ama said “What happened to me in 2018 and nearly crippled me, it delayed my dreams tho but I Ama Boateng unless it’s sickness or accident nothing will keep me down forever; I shall nurse my pain, allow myself to grieve and then on I move!.”
“You’ll either die of pain, tell yourself to start all over again or simply give up.” – she added
“There’re so many other things I can’t fit into this write-up but you get the point – THE SYSTEM IS SET AGAINST YOU ON EVERY TURN AND RIGHT FROM THE WORD GO.” – she noted
Since 2017 about nine collapsed banks including UT Bank, Capital Bank, Unibank Ghana Ltd, The Royal Bank LTD, Beige Bank LTD, Sovereign Bank LTD, Herigate Banks, GN Bank and Construction Bank LTD were collapsed,
The Bank of Ghana also revoked the licenses of 347 microfinance companies and that of 23 savings and loans and finance house companies in 2019, citing insolvency, mismanagement, and fraud in some cases.
Read her full post:
I have respect for everyone of course but I have a special kind of respect or urmmmm REVERENCE for those that worked to become successful themselves. They combined intellectual power, grit, tough discipline, hardwork and actual toil to climb the success ladder.
This country is hostile to start-ups in ways you might never fully grasp until you find yourself on the path. No access to credit financing, loans or any form of support system.
You even work hard for the money yourself and one day you hear that the bank or institution has collapsed and there’s absolutely no assurance that the institutions responsible for it will ensure that you get your money back. What happened to me in 2018 and nearly crippled me, it delayed my dreams tho but I Ama Boateng unless it’s sickness or accident nothing will keep me down forever; i shall nurse my pain, allow myself to grieve and then on I move!). You’ll either die of pain, tell yourself to start all over again or simply give up.
Your friends will all run away at a time you desperately need them; even folks you either have helped before or wouldn’t have batted an eye to help if it were the reverse. Providence might bring you help from places and people you never thought will be your helpers(more on that later) but you cannot calculate or expect that as it is not a guarantee.
People that have already established themselves in that industry will also circle the wagon to keep you out by withholding vital information from you(I don’t understand that bit cos hey we all can shine).
You will stumble, you’ll cry, you’ll doubt yourself, you might get so desperate at a point that you’ll be forced to debase yourself(if you’re prideful like me that’ll be how you see it – DEBASING) and beg some people for assistance or to do somethings for you pro-Bono cos hey your capital is inelastic!!
There’re so many other things I can’t fit into this write-up but you get the point – THE SYSTEM IS SET AGAINST YOU ON EVERY TURN AND RIGHT FROM THE WORD GO.
This and many other reasons account for my reverence of successful entrepreneurs. Jack ɔmo abrɛ paa. Neɛ ɔbrɛ nso na ɔdi!
