SoB-UEW Hosts Seminar on Entrepreneurship and Public Procurement
The School of Business (SoB) at the University of Education, Winneba (UEW), has held its annual student seminar, focusing on empowering youth entrepreneurs through public procurement opportunities in Ghana.
The event, organised at the Jophus Anamuah-Mensah Conference Centre, North Campus, UEW, on Wednesday, 21st August 2024, brought together aspiring business leaders to equip them with the essential knowledge and skills needed to excel in the industry.
The seminar, which featured a prominent guest speaker from the Public Procurement Authority (PPA), aimed to highlight the often-overlooked opportunities within public procurement, urging young entrepreneurs to explore the potential of government contracts to scale their businesses. This year's theme underscored the vital role that public procurement plays in promoting entrepreneurship and contributing to the broader economic growth of the nation.
In his welcome address, Dr. Emmanuel Erastus Yamoah, Vice-Dean of SoB-UEW, stressed the transformative power of entrepreneurship in driving economic development and job creation. He pointed out that public procurement offers a unique avenue for entrepreneurs to access large-scale markets, thereby playing a crucial role in national development. Dr. Yamoah encouraged the students to actively engage with industry players and leverage these procurement opportunities to bolster their entrepreneurial ventures.
The keynote speaker, Mr. Thomas Bondzi, a distinguished member of the Chartered Institute of Procurement & Supply (MCIPS), delivered a powerful address on the critical role of public procurement in Ghana's economy.
He noted that it accounts for 15% of the country's Gross Domestic Product (GDP). He passionately conveyed the importance of youth entrepreneurship in seizing public procurement opportunities, sharing success stories of local businesses that have thrived through government contracts.
“Public procurement is not just a process; it is a gateway to economic growth,” Mr. Bondzi declared, urging the young entrepreneurs to arm themselves with the necessary skills to effectively compete for government contracts. He further elaborated on the objectives of the PPA, including the harmonisation of procurement processes, ensuring the judicious use of public funds, and promoting fair competition.
His insights into the qualification and eligibility criteria for public procurement, such as registration with the PPA and adherence to tax obligations, were particularly enlightening for the attendees.
Mr. Bondzi also addressed the financial aspects of public procurement, discussing options like advanced payments and bank guarantees that can aid entrepreneurs in securing and executing government contracts. He emphasised the importance of understanding the legal frameworks and regulations governing public procurement and encouraged participants to seek training and workshops to enhance their expertise in this vital area. “Knowledge is power,” he asserted, “and understanding these processes can set you apart as a business owner.”
Throughout the seminar, Mr. Bondzi showcased inspiring examples of Ghanaian entrepreneurs who have successfully provided services to the government, illustrating the tangible benefits of engaging with public procurement. He also introduced the Ghana Electronic Procurement System, highlighting its potential to increase transparency, reduce administrative costs, and improve overall efficiency in the procurement process.
The event included interactive sessions where students actively engaged in discussions about the challenges and opportunities within the realm of public procurement. These sessions fostered a dynamic exchange of ideas and further underscored the importance of collaboration and shared knowledge within Ghana's business community.
The seminar also served as the launchpad for the UEW Association of Business Students (UEWABS) magazine. This publication, dedicated to showcasing the innovative projects and entrepreneurial journeys of UEW students, aims to elevate the voices of business students and provide a platform for sharing valuable experiences and insights.
As Ghana continues to strive for greater economic competitiveness, events like this seminar play a pivotal role in nurturing a culture of entrepreneurship among the youth. The UEW School of Business remains steadfast in its commitment to equipping students with the knowledge and skills necessary to thrive in an increasingly competitive market.
