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Business News of Saturday, 13 May 2017


Business Dev’t Ministry to partner GYE in setting up a business facilitation centre

Talks are currently ongoing between the Ministry of Business Development and the management of Ghana’s Young Entrepreneurs (GYE) on the need to set up a One-stop shop business facilitation center for young entrepreneurs.

The leadership of GYE who paid a visit to the Ministry last month with the partnership proposal is expected to meet the Minister any time soon to finalize deliberations on the project.

Ghana’s young entrepreneurs which undoubtedly is the largest network of young entrepreneurs with over 6000 members across the country was formed in 2015 by few young entrepreneurs who identified the need to come together.

GYE was established with the aim of providing business development services, information on funding source; facilitate access to credit and to play an advocacy role for young entrepreneurs in Ghana. GYE is duly registered with the Registrar General as a Non-Governmental Organization (NGO) as well as the National Youth Authority (NYA).

The proposed center will solve an array of issues confronting young people which have always been overlooked.

The center will work closely with business registration authorities to provide cost efficient and smooth business registration process for young startups.

In collaboration with other government agencies such as NBSSI and Training Institutions, the center will provide training and capacity building to these budding young entrepreneurs.

The center will serve as startup data hub for the ministry and other public/private institutions.

It will also aid these young entrepreneurs to package themselves fit enough to receive financial investments from private and public financial sources such as Angel Investors, Venture Capital, Equity Firms and government sources such as MASLOC, The Youth Jobs and Enterprises Fund, the Skills Development Fund, The Youth Enterprise Support, e.t.c

An interaction with a cross section of the youth about this projects clearly indicates that the youth have high hopes in this center should it come into existence.

In an interview with a young entrepreneur, he observed that, “the Centre if only it will do exactly what is supposed to do then I think, this country will see a positive transformation in the private sector.

Because lots of us will be able to actualized our business ideas.

I went through hell when I was to register my business and it took me close to 2 years to get the certificate.

So I think this center will help a lot, especially with the business incorporation aspect. Many of us don’t even have the money to register our business but when you go to places for help to start our businesses, they will tell to register your business first.

So I think the Centre and the government should consider young people who want to register their business with regards to the cost”