Government of Ghana, through the Ministry of Business Development has initiated the Presidential Pitch programme with a seed money of GHC 60milliin which will see to the empowerment of youth entrepreneurs in the country.
Ten young entrepreneurs aged 35 and below with viable, innovative and feasible business ideas will be given startup funding ranging between GHC10,000 and GHC50,000 including technical support.
The initiative comes in a form of loan which beneficiaries would have pay within a three year time frame without interest.
At the launch of the policy held on Tuesday May 15 in Accra, the sector minister, Dr. Ibrahim Mohammed Awal said the initiative remains President Akufo-Addo’s agenda to empower the young entrepreneurs to incubate their business and improve livelihood.
According to him, funds for the policy implementation is not public funds but monies generated from the private sector by the ministry.
He said the ministry reached out to corporate institutions such as Bank of Africa, Interplast, Gino with their proposals and as part of their cooperate social responsibility, they came on board.
The Presidential Pitch is a project designed to offer young Ghanaian Entrepreneurs the opportunity to market their business ideas and to get financial assistance to implement such ideas.
Executive Director of the National Employment Innovative Planning, John Kumah, stated that government is targeting 40,000 job creation by the close of this 2018 to reduce the high level of unemployment situation in the country.
He urged young entrepreneurs with business ideas to seize the opportunity to propel them into greater heights.
The number of beneficiaries of the project according to the ministry wll be increased from ten to fifty in 2019.
However, Dr. Mohammed Awal revealed that the policy elimates the difficulty of young people to obtain bank loans with a collateral.
“with this module once you have business idea, you don’t need collateral to secure funding to support your business.
“We also intend to add you more money only if you are able to expand and employ more people because the intention is to create jobs”, Dr. Awal Mohammed added.
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By: Abdul-Hanan| Accra Mails