The Minister for Environment, Science, Technology and Innovation, Prof. Kwabena Frimpong Boateng, has indicated that government will dedicate one percent of the nation's Gross Domestic Product (GDP) to research development to develop the private sector.
Prof. Frimpong disclosed this at the launch of the Nxzwake Institute, a non-profit organization pioneering a ground-breaking model of innovative entrepreneurship to end poverty, protect the planet and ensure that all people enjoy peace and prosperity in Africa.
According to him, the move was crucial for the Akufo-Addo-led New Patriotic Party (NPP) administration in its quest to strengthen the country's private sector, which is widely seen as the engine for economic growth.
Prof. Boateng bemoaned the lack of funding for research purposes over the years, hence the need for the dedication of one percent of Ghana's GDP, which was expected to facilitate research to explore possible avenues in developing the country's economy.
The announcement came on the heels of calls from some experts in academia for government to increase research funding to help stimulate economic growth.
The minister, however, indicated that innovation was not just about university research, but education was a means to develop students' talents.
BUSINESS GUIDE gathered that Nxzwake had already started engagements with Stanford University and GIMPA-Ghana to engage other renowned institutions to replicate this model in at least five African countries in the next two years.
James Victor Gbeho, Chairman of Millennium Excellence Foundation, said that the Foundation had for the past decades been in search and had been successful in showcasing excellence in Ghana and Africa.
He said that the Foundation has modified its mission and vision to accommodate a new programme to benefit young people.
The Institute will offer thousands of young African professionals, both home and Diaspora, an opportunity to network and share Innovative Concepts in several sectors and come out with award-winning solutions.
By Abigail Owiredu-Boateng & Alhassan Mohammed