Minister for Business Development, Dr. Ibrahim Mohammed Awal has disclosed that his outfit will be providing financial assistance to about 1,000 young entrepreneurs under the National Entrepreneurship and Innovation Plan (NEIP).

He explained that the beneficiaries will receive business advisory services starting April, after which financial support will be given to them to sustain their businesses.

Delivering a speech at a Youth Entrepreneurship Forum on Friday, March 23, Dr. Awal said “NEIP last year provided business advisory services to nearly 7,000 young business owners. And next month, the training programme would continue after which around June this year, we are going to provide financial support services between 500 and 1,000 young entrepreneurs”.

The Business Development Minister affirmed that his outfit will also provide mentorship to the young entrepreneurs for three years, as the lack of mentorship and funding result in the collapse of most start-ups within three years.

“We are not just going to provide the money and leave them. We are going to provide mentoring services and get mentors to take them through over the next three years. One of the main challenges we have in this country is that 75% of all businesses that are set up do not go beyond three years because they lack mentors, chief funding and innovation. NEIP will provide all these services”, Dr. Awal stated.

The National Youth Authority (NYA) in collaboration with the Commonwealth Alliance of Young Entrepreneurs (CAYE) organized the youth entrepreneurship forum to create the platform for productive deliberations on challenges facing young entrepreneurs in the country.

In attendance were the Vice President of Ghana, Dr. Mahamudu Bawumia as well as the Minister for Youth and Sports, Isaac Asiamah, and the Commissioner General of the Ghana Revenue Authority, Emmanuel Kofi Nti.