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Business News of Sunday, 3 July 2022

Source: kingdomfmonline.com

Government committed to supporting entrepreneurs expand their businesses - Abubakar

Deputy Minister of Information, Fatimatu Abubakar Deputy Minister of Information, Fatimatu Abubakar

The Deputy Minister of Information, Fatimatu Abubakar, has assured the Ghanaian youth of the Government’s continuous support through the YouStart initiative.

“For those with business ideas, we will provide you with the requisite support and guidance through the YouStart to grow and expand your businesses,” Fatimatu Abubakar told Accra-based Kingdom FM 107.7

The YouStart initiative under the Ghana CARES programme is being introduced to ease constraints for existing and aspiring young entrepreneurs.

She stated that empowering the youth who was a driving force for change was a key component of the government’s plan.

The minister emphasised that the initiative would ensure that skills training becomes much better aligned with the needs of sectors as drivers of future productivity growth and socio-economic transformation.

“To those who want to enter the private sector, we will leverage the CARES programme to ensure you have the skills, training, network, and credit to support the transition from the “classroom to the workplace,” she added.

According to her, building a sustainable entrepreneurial state can solve our youth unemployment issue through strengthening the links between education and job market stakeholders, providing access to finance, skills, and markets for our young entrepreneurs, and resourcing state institutions to support the ambitions of those who want to pursue enterprise and growing the capacity of the private sector to create jobs.

YouStart initiative, as captured in the 2022 Annual Budget would support youth-led enterprises with, soft loans of up to GH¢50,000 to help start-ups (in particular by young graduates and school leavers) and small businesses to expand, Starter packs (Soft loans tied to equipment acquisition) of up to GH¢50,000 for individuals and GH¢100,000 for associations and groups and a standardised loan package of between GH¢100,000 to GH¢400,000 at concessional rates for SMEs from financial institutions.