The SE Ghana secretariat on the mission of working towards the establishment of the Social Enterprise Policy together with its partners for the attainment of intentionally agreed development goal organized a regional intergovernmental level Policy Dialogue which aimed to discuss the most pressing issues, important trends, and opportunities in accessing patient capital in Ghana.
On the 9th and 12th of March,2020, a Policy Dialogue was held in Tamale and Kumasi respectively with funding support from British Council. Various stakeholders in the Ecosystem including social enterprises, entrepreneurship support organizations and representatives of some government agencies were present. The policy dialogue included sessions on the challenges, financial requirements, legal frameworks, incentive schemes and other factors that may limit the growth and impact of social enterprises in Ghana.
The discussion was led by the Executive Director of Social Enterprise Ghana, Mr. Edwin Zu-Cudjoe and it was centered on the policy context and policy prescriptions.
Some of the key discussing points included;
Policies that could ensure an enabling environment; institutional, legal and regulatory framework for Social Impact Investing Policy.
Policies that ensure investment in social Enterprises.
Policies to ensure investments into social enterprises by impact investors, philanthropists, government, etc. are protected.
Policies to ensure social enterprises are not taken advantage of by investors.
Any other policy prescriptions to drive investment into social enterprise.
Participants brainstormed about the various ideas that would ensure an enabling ground for social enterprises in Ghana and the aforementioned discussion points were deliberated during the course of the discourse.
Some of the key recommendation by participants included;
On Institutional, Legal and Regulatory framework for Social Impact Investing Policy:
These were recommended
Establishment of an Act of Parliament to provide the requisite legal framework for establishment, operating and investing in a Social Enterprise.
The Act will then stipulate thematic areas in the ecosystem as such as:
Registration of Social Enterprises.
Establishment of an Institution to oversee the operations of Social Enterprise in Ghana.
Clear definition of a Social Enterprise.
Entrepreneurship, Social Enterprise for that matter should be properly included in the curriculum especially at the Tertiary level. This would help build the spirit in the youth right from their formative years.
On policies to ensure Investment into Social Enterprise
To properly define the forms of ownership for Social Enterprise. This recommendation would provide clearly to the public and potential investors for that matter on the levels of ownership and control in Social Enterprise.
Some Tax exemption for Social Enterprise especially in the first few years of operations.
This would help support and sustain their operations especially their social impact.
Catalog existing Social Enterprises and their areas of operations or focus for public consumption. This would help give these Enterprises the needed exposure which enhances their chance of attracting investment.
On Policies to ensure Investment by Impact Investors, Philanthropists, government into Social Enterprises are protected, the following were recommended:
Regulatory Bodies should embark on spot-checks at these Social Enterprises.
This is where these bodies undertake auditing, monitoring unannounced. This recommendation will help keep management on their toes.
To provide a clear definition of impact and parameters for measurement. This would help stakeholders in the ecosystem to measure performances properly.
On policies to ensure Investment Social Enterprises are not taken advantage of by Investors, the following were recommended:
To establish a Social Enterprise Agreement that stipulates terms of ownership, rights and responsibilities of parties involved.
Information on the ownership of each Social Enterprise should be made public. This is to avoid conflict of interest.
On any other policies to drive Investment into Social Enterprise, these were recommended:
Tax rebate for Social Enterprises especially those at the early stage. Impact is felt mostly in the long term. Thus there is the need to support these Social Enterprises especially during their “teething’ period.
To support Social Enterprise with cheap labor like inmates, and the government recruited laborers/ workers like NABCO, etc.
