The government is resolved to promote and strengthen the private sector in order to enhance employment rates in Ghana, according to President Nana Addo Dankwa Akufo-Addo.
According to the president, the government is achieving this through the YouStart initiative, which will result in new enterprises championed by our country’s lively youth.
“Government is determined to support and boost the private sector to increase employment rates in the country through the #YouStart programme, which will result in new businesses championed by the vibrant youth of our country,” the presidency tweeted.
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The Finance Ministry previously declared that the YouStarts initiative will create one million employment for the country’s youth.
On Wednesday, November 17, Finance Minister Ken Ofori Atta revealed this in his budget announcement for the fiscal year 2022.
He said “The understanding of the youth employment challenge, as well as extensive consultations with stakeholders including youth associations and educational institutions across the country, have led to the development of the YouStart initiative
It seeks to utilize GH¢1 billion every year to stimulate an ecosystem to produce 1 million employment and fund another 2 billion Cedis in conjunction with finance institutions and development partners.
“In addition, our local banks have agreed to a package that will result in a GHC 5 billion increase in their SME portfolio over the next three years.”
“An unparalleled historic 10 billion Cedis commitment to the private sector and YouStart over the next three years is the outcome of this, Mr. Speaker.”
“Mr. Speaker,” I begin. YouStart is a vehicle for supporting young entrepreneurs to gain access to capital, training, technical skills and mentoring to enable them launch and operate their own businesses.
“Mr. Speaker, the Ghana Enterprises Agency (GEA), the National Entrepreneurship and Innovation Programme (NEIP), and partner financial institutions, will serve as the implementing arms of YouStart.
“Entrepreneurs will be able to apply for support through a dedicated YouStart online portal.
“NEIP will also engage our Faith-Based Organisations as partners for the delivery of essential artisanal skills, business competitions, and feasibility studies and introduction to financing institutions with a commitment of up to 10% of GOG contribution to the YouStart Programme.”
SOURCE: 3NEWS
