The Chief Executive Officer of Social Enterprise Ghana, Amma Lartey, has called for the expansion of the Ghana Social Enterprise Policy to accommodate and cover impact investment policy.
Reckoning it will get needed attention from cabinet, Ms. Lartey speaking at a Social Enterprise Ghana post-dialogue meeting with relevant stakeholders to brood on the draft policy, said, once it is implemented it will position Ghana in an advantageous position.
The meeting also sought to engage the network of owners and managers of Ghanaian social enterprises to discuss policies that would promote and help grow their businesses.
“We are advocating for this to go to cabinet and we are also advocating for the policy to be expanded to a social enterprise and impact investment policy. And that’s because the landscape has changed, the needs of social enterprises have changed. And there’s the urgent need to position Ghana as a great destination for impact funds.
“There are a lot of sectors in Ghana where strong private sector investment can bring about social transformation. And we believe that the right policy framework and environment can position Ghana attractively. And this event is really about starting the dialogue, reviewing the policy and launch a strong campaign to push the policy to cabinet”.
Also at the meeting was representative from the Ministry of Trade and Industry, who highlighted on the policy’s ability to ensure that funding for social enterprises is increased.
“The strategic objectives of the policy are; to create an enabling environment for social enterprises. And this has to do with policies, as well as legal and regulatory frameworks. Another objective is to increase funding for social enterprises through innovative funding mechanisms. When you glance through the policy there are prescriptions on the different funding mechanisms which need to take place for social enterprises. Another strategic objective is to identify key sectors, and promote social enterprise activities in those sectors to realize social impact.”
The Ghana Social Enterprise Policy is pending in cabinet for consideration and approval. It was developed in 2016, but could not immediately come into force due to the change in government.
The development of the Ghana Social Enterprise policy is in fulfillment of the Government’s commitment to promote and grow social enterprises as a means of improving livelihoods, particularly among the youth and contribute significantly to the achievement of the Sustainable Development Goals (SDGs).
When approved, the Ghana Social Enterprise policy will provide the administrative, regulatory, institutional and legal framework for the growth and development of the sector.
