GOV'T GIVES HOPE TO UNEMPLOYED YOUTH - BEGINS NEW INITIATIVE TO OFFER FINANCIAL, OTHER SUPPORT FROM NEXT YEAR

-

 

The government will implement an initiative to create one million jobs in three years under the GhanaCARES programme.

Known as ‘Youstart’, the initiative will support young entrepreneurs to gain access to capital, training, technical skills and mentoring to enable them to launch and operate their own businesses.

The Minister of Finance, Mr Ken Ofori-Atta, who said this when he presented the 2022 Budget to Parliament on November 17, said “Mr Speaker, this understanding of the youth employment challenge, as well as extensive consultations with stakeholders including youth associations and educational institutions across the country, have led to the development of the YouStart initiative as a key vehicle to create one million jobs in three years under the GhanaCARES programme”.

 

Implementing Partners

According to him, the Ghana Enterprises Agency (GEA), the National Entrepreneurship and Innovation Programme (NEIP), and partner financial institutions, would serve as the implementing arms of YouStart.

He said entrepreneurs would be able to apply for support through a dedicated YouStart online portal adding that “NEIP will also engage our Faith-Based Organisations as partners for the delivery of essential artisanal skills”.

He said the youth would be equipped with training such as skills development, entrepreneurial support and business advisory service provision as well as funding to access to competitive credit and starter packs.

The finance minister also said there would be enterprise promotion through mentoring and access to markets including portals to facilitate “digital linkages” between youth-led enterprises and other businesses and relevant government agencies.

 

YouStart products

YouStart will support youth-led enterprises with the following products: 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.

Mr Ofori- Atta however said the YouStart initiative aimed to support the youth to develop commercially viable businesses.

To this end, he said, YouStart was designed to instill proper commercial orientation in the beneficiaries. This would include financial institutions determining the credit metrics and GEA and NEIP providing training support, especially for the standardised SME loans.

He said YouStart dovetailed into the overall ambitious private sector growth strategy, anchored on a revitalised financial sector, establishment of Development Bank Ghana, and converting the Ghana Amalgamated Trust (GAT) into a permanent investment vehicle.

The objective is to raise long-term capital to provide equity investments to strengthen financial institutions, and restructured companies in the hospitality, education, and export-oriented industries that were devastated by COVID-19.

He added, “Government is also engaging financial institutions and development partners to support our job creation drive for the youth. All these interventions will create a robust financing eco-system capable of supporting businesses from the early to mature stage”.

The finance minister, subsequently encouraged the beneficiaries of NABCO and all other youth to take advantage of the opportunities YouStart would present.

Location: 27 N Liberia Link, Accra, Ghana

Comments

Post a Comment

Popular posts from this blog

The Cost of Connection: Reflections on Mobile Money Fraud and Digital Insecurity in Ghana

-
Image
By Richard Agodzo I still remember that Tuesday afternoon vividly. The sun was fierce, and I had just stopped by a kiosk to send some money. There he was — Desmond — the young man who once came to me years ago, asking if I had old textbooks he could use for school. I had watched him grow from a quiet primary school boy into a determined senior high graduate. Now, he was running his own small mobile money business, his smile as warm as ever. We exchanged greetings, and I promised to check in another time. Two days later, the news hit me like thunder — Desmond had been shot and killed by armed robbers on his way home from work. His crime? Simply trying to earn an honest living, facilitating the cashless dreams of a digital Ghana. Desmond’s death is not an isolated tragedy . It is a reflection of the darker side of Ghana’s rapidly expanding mobile money ecosystem — one plagued by fraud, identity theft, insider data leaks, and security loopholes that have turned convenience into vulnerabil...
Read more

Ghana’s Silent Crisis: Why Data Protection and Privacy Must Be a National Priority

-
Image
By Richard Agodzo In a world where data is power, the careless or deliberate misuse of personal information can destroy lives. In Ghana, data protection and privacy remain some of the most under-discussed yet most critical issues of our time. From mobile money fraud and the non-consensual circulation of private images, to telecommunication companies allegedly profiteering from our data during elections, Ghanaians are increasingly exposed—but barely protected. The Hidden Menace Imagine waking up to discover your private photos circulating on social media. Or being bombarded with political messages from parties you’ve never signed up with, just because someone sold your phone number to them. For many Ghanaians, this is not imagination. It is reality. Personal data, meant to be private, is often harvested and exploited by third parties without consent. Whether it’s a telco selling data to marketers, a mobile money vendor leaking transaction details, or revenge pornography ruining lives, t...
Read more

More Than “I’m Fine”: Breaking the Silence on Men’s Mental Health

-
Image
By Richard Agodzo "I’m fine." Two simple words. Spoken like clockwork by men across the world every day — at the dinner table, in offices, in WhatsApp group chats, in church, at barber shops. But behind those words often lies a silent battle. Pain disguised as composure. Anxiety masked by a forced smile. Depression tucked behind a joke. A mask worn not out of deceit, but out of survival. In many societies — including ours here in Ghana — men are raised with a strict emotional code: Don’t cry. Don’t complain. Be strong. Provide. Protect. Endure. Alone. From boyhood, vulnerability is discouraged. A boy who cries is told to "man up." A teenager facing anxiety is accused of being lazy or unserious. A man overwhelmed by stress is told to “shake it off” — or worse, is mocked for being “too soft.” The Unseen Toll: Real Stories, Real Consequences In May 2022, a 31-year-old Ghanaian banker was found dead in his apartment. It was later revealed that he had been battling depr...
Read more