The Draft Ghana Social Enterprise Policy defines social enterprise as an organisation that applies business strategies and practices to achieve social and environmental goals and seeks to make an impact and profit. Contribution of social enterprises in Ghana The social enterprise sector has made significant contributions to the social, economic and environmental development of the country. Based on research conducted by Social Enterprise Ghana in December 2022 and validated in March 2023, it is estimated that there are 115,500 social enterprises in Ghana of which 54.8% operate in the agribusiness subsector. Thus, with a total of 2.1 million micro, small and medium enterprises (MSMEs) in Ghana, the social enterprise prevalence rate in the country is 5.5%. Socio-Economic Contributions In Ghana, the social enterprise sector contributes approximately GHS 23.1 billion (USD 2.6 billion) to the Ghanaian economy representing 3.35% of the Gross Domestic Product based on the 2021 GDP of USD 77.59 billion In addition, the sector currently employs 808,500 people directly which constitutes 3.4% of total employment in the country. Based on the Social Enterprises in Agribusiness 2023 Report conducted by Social Enterprise Ghana, the social enterprise sector grew by an average of 8.4% annually and created an average of 80,000 jobs annually of which more than 80% were below 35 years old. Social and Environmental Contribution of Social Enterprise With a strong social mission, social enterprises can appear transparent, responsive, and compassionate to customers. The positive results of business activities can be tangible and visible to local markets, such as helping fund community or environmental projects and enhancing trust in the brand. Since social enterprises typically deal with people who live at the bottom of the pyramid, therefore they are the ones who benefit hugely from the former. In other words social enterprises are beneficial to the poor, generally by providing them with a means of livelihood. Social entrepreneurs support responsible consumption by providing sustainable options, which encourage customers to make thoughtful decisions that lessen their impact on the environment. By tackling social and economic inequities, fostering social cohesion, and empowering underprivileged populations, social enterprises play a crucial role in constructing resilient and inclusive societies. These businesses concentrate on developing chances and answers that guarantee no one is left behind. Social entrepreneurs aim to create societies that are resilient, inclusive, and capable of withstanding and recovering from a variety of difficulties by actively interacting with diverse stakeholders.
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