In a significant stride towards nurturing entrepreneurs, the government has initiated the disbursement of GH¢100 million to bolster over 3,000 budding youth entrepreneurs and Micro, Small, and Medium-Scale Enterprises (MSMEs). This crucial support, inclusive of a dedicated grant package catering to Persons with Disabilities (PWDs), is a pivotal aspect of the YouStart Jobs and Skills Project.
Selected from all 16 regions across the nation, these beneficiaries have undergone rigorous business management training, augmenting their capacities in effectively steering their entrepreneurial ventures. The commendable effort aims to increase their business acumen, enabling them to navigate the competitive Ghanaian economic terrain more efficiently.
During the grant-signing event dubbed “YouStart Grant Expo 2023”, Vice-President Dr. Mahamudu Bawumia emphasized the allocation of GH¢65 million to bolster over 3,000 startups and MSMEs under the Ghana Jobs and Skills Project (GJSP). Dr. Bawumia, speaking at the YouStart Grant Expo’s apex in Accra, outlined plans for extending grant funding to more entrepreneurs, startups, and established enterprises in 2024, sustaining the impetus of the YouStart initiative.
Highlighting the significance of this support, Dr. Bawumia underlined how it signifies an investment in the youth’s dreams, aspirations, and untapped potential within the nation. He articulated how strategic collaborations and targeted interventions are fostering an environment conducive to idea proliferation, business growth, and individual potential realization.
The vice president stressed that these initiatives represent a pathway to cultivate and harness the demographic dividend inherent in a youthful population. By imparting not only financial aid but also the tools, knowledge, and expertise necessary for success, the country is cultivating an ethos of entrepreneurship and innovation.
Additionally, Dr. Bawumia emphasized that this approach fosters active participation and contribution from the beneficiaries within the economic framework, transforming them from mere recipients of funds to proactive contributors.
The vice president further heralded YouStart GJSP as a beacon of hope and opportunity for the nation’s youth, acknowledging the collaborative efforts among various institutions overseeing this initiative. The synergy between the Ghana Enterprises Agency (GEA), the National Entrepreneurship and Innovation Programme (NEIP), and other government agencies, guided by the Ministries of Finance and Trade and Industry, alongside support from the World Bank, was praised for its efficacy in driving this transformative initiative.
Speaking on the project’s overarching vision, Finance Minister Ken Ofori-Atta expressed the ambition to witness the YouStart initiative leave an indelible legacy of empowerment, innovation, and prosperity for future generations. Despite acknowledging past challenges, Mr. Ofori-Atta highlighted recent positive economic trends, citing rebounding growth, stable exchange rates, and softer interest rates, fostering renewed confidence in the nation’s long-term economic trajectory.
CEO of GEA, Kosi Yankey-Ayeh, underscored the comprehensive outreach of entrepreneurial training across regions and districts, an unprecedented support to the youth, PWDs, and women. Mrs. Yankey-Ayeh assured ongoing monitoring of beneficiaries to ensure prudent utilization of the funds, affirming GEA’s commitment to nurturing and empowering entrepreneurial endeavors nationwide.
The concerted effort to empower and support budding entrepreneurs under the YouStart project stands as a testament to Ghana’s commitment to fostering a vibrant entrepreneurial ecosystem and propelling economic growth through innovation and skill development.
