1,350 entrepreneurs get GH¢50 million

Some 1,350 young business entrepreneurs across the country have been offered varied financial support to grow their businesses and create employment for others under the maiden Presidential Business Support Programme (PBSP).

The recipients of the financial support were selected from the over 7,000 trained young entrepreneurs under the National Entrepreneurship and Innovation Plan, launched by the President in July last year, targeted at accelerating the process of job creation and national development.

The successful applicants were given financial support ranging from GH¢10,000 to GH¢100,000 at an interest rate of 10 per cent as against the average prevailing market rate of 26 per cent.

The total amount received by the 1,350 young business entrepreneurs was GH¢50 million.

Speaking at a ceremony to present money to selected start-ups at the Jubilee House in Accra yesterday, the President, Nana Addo Dankwa Akufo-Addo, said the areas of business selected for funding cut across various sectors of the Ghanaian economy, for which the support would help in the speedy development of the Ghanaian economy.

He noted that over the years, countries that have made rapid economic strides are those that encouraged high levels of investment in entrepreneurship development, adding that Ghana has chosen that path to create a prosperous nation that is able to create the needed environment for businesses to thrive.

“We are learning a lot from this global trend by wanting to develop an entrepreneurial economy and create the conducive and business-friendly environment in our country,” he added.



He emphasised that the wealth that the country has created over the years has been on the back of the private sector and the entrepreneurial spirit of the Ghanaian people.

“Time was when good money was made by the private sector and the risk takers, not by public officials. We need to get back to those times,” he said, adding that Ghanaians are renowned for their sense of enterprise, creativity and innovation, and thus the moment has come to develop those instincts again.

President Nana Addo noted further that although all the 7,000 applicants could not access funding under the support programme, they underwent a well-structured training programme that would help build their managerial capacities in their various ventures, to guarantee the sustainability of their businesses.

He added that the successful beneficiaries would continue to receive from the Ministry of Business Development, continuous training and capacity building, mentorship and business advisory services, as well as free accounting services, to help them sustain their businesses.

“As you receive, you must prepare to give back to society. With the training and support you are receiving, you must together be able to create some 30,000 direct jobs within the next year and several thousands of indirect jobs,” the President said.
The President assured the Ghanaian people that government would continue to work at creating an enabling environment for businesses to thrive.

“Let me assure the Ghanaian people and the business community that my government would continue to work towards the creation of a conducive environment for the private sector to thrive,” he assured.

He empathised that the current macroeconomic indices are indicative of the efforts of the government in revitalising the growth of the Ghanaian economy.

“The introduction of the e-business registration system, the paperless port clearing system, the digital address system, the mobile interoperability system, and the national identification system will accelerate the process of formalising our economy,” he added.



He congratulated the recipients of the financial support programme for working hard to meet the criteria for the selection and urged them not to relent in their efforts to succeed in their chosen endeavours.

“I urge them to seize the opportunity provided by the programme and demonstrate their own entrepreneurial ability.”

The Minister for Business Development, Dr Ibrahim Mohammed Awal, emphasised that the President’s incentive to businesses has created a lot of confidence among young people in the country.

“Today, entrepreneurs have the belief that when they set up businesses, they will not only have support to grow their business but that they can compete locally and globally.”

He noted that his ministry has this year alone set up six initiatives aimed at nurturing young entrepreneurs in the country.

Under the School Entrepreneurship Programme, which is one of the six initiatives under his ministry, the Minister said the aim is to “affect 10,000 senior high schools and universities with entrepreneurship bag so that we change the narrative from job seekers to job creators”.

He said in line with government’s agenda to make the Ghanaian economy an inclusive one, his ministry is in the process of setting up another initiative, dubbed Youth in Industry, where some 42 micro industries will be set up across the country to employ people.

Other initiatives, he said, comprise a Zongo Business Initiative, Women in Business Support Programme, among others, aimed at creating a truly inclusive economy.

The Presidential Business Support Programme, under the auspices of the Ministry for Business Development, is a government initiative aimed at assisting Ghanaian businesses with business advisory and funding to scale up and create jobs.

The initiative is in fulfilment of the President's commitment to support small businesses, which constitute over 80 per cent of all businesses in the country to become competitive and contribute to the socio-economic development.

The Chief Executive Officer of the NEIP, Mr John Kumah, reiterated that the programme has since its inception sought to empower early startups and businesses as part of government’s agenda of entrepreneurship development in the country.