5,000 startup businesses to obtain GHS50m support from gov’t – Mohammed Awal

5,000 startup businesses to obtain GHS50m support from gov’t – Mohammed Awal

Mohammed Awal Ibrahim - The Minister for Business Development

The Minister for Business Development, Mohammed Awal Ibrahim has said that five thousand business startups are expected to receive financial support from about 50 million Ghana Cedis in the third window of the government’s Presidential Business Support Program.

The 5,000 businesses will be selected from about 26,000 business startups and young entrepreneurs who will receive business training and capacity building in the third window of the Support Program over the next two months.

While addressing the media during the launch of the Presidential Business Support Program Window 3 Training, the Minister for Business Development said the program forms part of the government’s strategy to create more opportunities for the youth.

Also, the Chief Executive Officer of the National Entrepreneurship and Innovation Program (NEIP) John Kumah, emplored local government authorities to ensure the initiative is made accessible to vulnerable businesses in their communities.

John Kumah

“Let me take this opportunity to appeal to all the MCEs and MMDCEs to make the program accessible to people living in their communities and in their districts, especially those in the rural sector. We are seeking to train tailors and hairdressers, welders and all those who have individual skills and want to set up as business enterprises and employ other people, and to empower them to receive funding. We are seeking to train an average of 100 per each district so when you multiply that by the 260 districts, we are looking to do 26,000 business start-ups and small businesses across the country in 2020,” John Kumah noted.

 

In justifying his point, Mr Kumah added that these interventions by the government has reduced the country’s unemployment rate from 15.3 per cent in 2016 to 6.8 per cent currently.

What is the Presidential Business Support Programme?

The Presidential Business Support Programme started in 2017. This forms part of several initiatives rolled out by the Ministry of Business Development to strengthen the private sector.

So far, it has trained about 19,000 entrepreneurs out of which over 4,000 have been provided with loans with ten per cent interest rate to boost their businesses.