Jean-Claude Bastos de Morais extolls Ghana government for funding innovation

Innovation is a key driver of growth in any economy. Therefore, nations across the world are now playing a powerful role in fostering innovation in both private and public sectors. Jean-Claude Bastos de Morais, the Founder of Quantum Global Angola, extolled the efforts of Ghana’s government for supporting the growth of innovation in the country.

In an interview with Citi Business News, Jean-Claude Bastos de Morais said, “Setting up African innovators in the international market requires extensive funding to breathe life into their ideas.”

According to reports, the government has earmarked over $300 million to promote technology and innovation-based ventures. “I believe that the primary investment will be a sort of grant from the government, as it is planning to assign 1 per cent of GDP into funds which are directed to science, technology and innovation,” de Morais added.

The criteria of funding will be based on the idea, scalability and sustainability of innovation and how is it distinctive from competition.

According to the Sector Minister, Prof Kwabena Frimpong Boateng, the disbursement of the allocation will also be guided by the Science, Technology and Innovation (STI) fund, which is yet to be concluded.

He also indicated of plans to establish an innovation Council with the mandate to drive the government’s agenda to increase the uptake of innovation in Ghana.

Although, the matter of partnerships has been a challenge for local businesses, the founder maintained that the capability to hone innovation, along with business skills propel growth of local innovators and place their businesses strategically.

“You must have the right ingredients to become a full-blown businessman because innovators are not always businessmen. Either you are blessed to be an innovator and a businessman or you partner with someone who has excellent entrepreneur skills. Then only you will be able to create a market for your product,” Jean-Claude suggested.  

Yofi Grant, the CEO of the Ghana Investment Promotion Centre (GIPC) said, “I see this as an opportunity to massively support local innovators and improve their businesses to compete favorably with their international counterparts.”  

De Morais appealed innovators in Ghana to come forward and draw more support from investors across the world.