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Business News of Thursday, 22 September 2022


YouStart will create future millionaires in Ghana - Deputy Finance Minister

Deputy Finance Minister, John Kumah Deputy Finance Minister, John Kumah

Deputy Finance Minister, Dr John Kumah, has said the government is optimistic one of its flagship programmes, YouStart, will help in achieving the NPP's target of creating al least 3 million jobs for the youth which will in turn create millionaires in the country.

He has therefore called on partner banks who have come on board to support the project not to relent in their quest to empower the youth who are currently struggling for jobs.

The Deputy Finance Minister said this during the signing ceremony with 13 Participating Financial Institutions (PFIs) to support the YouStart programme, a 3news report stated.

"The partnership was critical in government’s quest to build future entrepreneurs and make Ghana an entrepreneurial State," Dr John Kumah said.

He also admonished that special attention should be placed on entrepreneurs in rural areas to help create jobs and uplift many living in those areas from poverty.

Through the YouStart programme, small businesses and entrepreneurs will receive funds that would be used to meet their working capital requirements.

Mr Ken Ofori-Atta, the Minister of Finance, signed for the Government, with Managing Directors of the 13 PFIs signing for their respective banks.

Mr John Awuah, the Chief Executive Officer (CEO), Ghana Association of Bankers (GAB), signed for the coordinating institution of the PFIs, which is GAB.

The CEO of GAB, in an interview with the Ghana News Agency said the banks saw the support as a responsibility to help grow businesses with financial and other needed support to build the economy.

“Part of the COVID-19 pandemic has taught as that we need to have a homegrown economy, one that is owned and managed by Ghanaians. This signing is an attestation that the public and private sector can work together to create value and the entrepreneurial nation we’ve all been yearning for,” Mr Awuah said as quoted by 3News.

He noted that the Banks had worked with the Finance Ministry to design the YouStart programme to help propel businesses forward, particularly younger and smaller businesses.

It would be recalled that the YouStart initiative was captured in the 2022 Annual Budget.

It is aimed at supporting youth-led enterprises with soft loans of up to ¢50,000.

The YouStart programme will also help start-ups and small businesses expand.