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300,000 young entrepreneurs to be supported with GH₵ 10 billion -NEIP CEO

About 300, 000 young entrepreneurs across the country will be supported to start and grow their businesses with a budget of GH 10 billion in the next three years as part of the YouStart Programme.

Mr Kofi Ofosu Nkansah, the Chief Executive Officer of the National Entrepreneurship and Innovation Programme (NEIP), said the initiative was targeted at creating about one million jobs.

Mr Nkansah made this known at the Ghana Investment Promotion Centre’s (GIPC) Young Entrepreneurs Forum 2022 on the theme: “Connect, Accelerate, Grow; Building the Startup Ecosystem for a better future.”

The YouStart Programme is a vehicle by the Government to support the youth in developing commercially viable businesses and gain access to capital, training, technical skills and mentoring to enable them to launch and operate their businesses.

The Programme, which the CEO said, would be launched soon would be implemented through 16 regional Offices of the Ghana Enterprises Agency (GEA), 190 Business Advisory offices in 190 districts, 37 Business Resource Centres in 37 districts and Private Sector Partnership Centres.

Mr Nkansah said: “Funding for the Programme is from development partners, commercial Banks in the country and the government. Some development partners have come on board with their funds.”

The European Union and Societe Generale Ghana will also provide some financial support with the banks giving some technical support as well.

The CEO said beneficiaries would be provided with startup packs, funding, equipment credits, market access, market linkages, technology and Innovation support, business development and quality assurance support so that they could grow the business.

He said about 50,000 NABCO trainees, who had not gotten jobs, would be rolled onto the YouStart programme though it would not be forced onto them.

“We are giving those interested in entrepreneurship the opportunities, especially startups in our communities,” he added.

Mr Edward Ashong-Lartey, Director, Investor Services, GIPC, said through the Forum, “we seek to broaden the knowledge base of young entrepreneurs while preparing them to be business leaders.”

He said YEF was an event designed to harness and support the business potential of Ghana’s promising youth through mentorship, education, and skills development.

The Director said the Forum was the platform to bring like-minded entrepreneurs together to share ideas, insights and success stories meant to inspire each other and proffer solutions on how to excel in their various industries.

Dr Fareed Arthur, the Senior Technical Advisor, AfCFTA, encouraged startups to look beyond their boundaries to forge partnerships to grow.

“Africa and in Ghana, particularly, we have this solo mentality, we do not want to go for partnership, and we do not want to team up. We even want to promote the concept that small is beautiful,” he said.

Dr Arthur said their businesses would not grow if they kept their resources limited and they needed to think about outsourcing parts or stages of their businesses but with a keen interest in the contracts and negotiations.

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