• Thu. Aug 4th, 2022

YouStart programme to be rolled out in April – John Kumah

ByEditor

Mar 3, 2022 , , ,

According to Deputy Finance Minister, Dr. John Ampontuah Kumah, the government’s flagship youth entrepreneurship initiative, YouStart, will be launched in April.

He made the statement while speaking to delegates at the YouStart pilot beneficiaries pitch session in Accra on March 2, 2022.

The YouStart project, according to the Deputy Minister, is part of a bold and audacious government agenda to reinvigorate and rebuild Ghana’s economy post-COVID-19 in order to create jobs and prosperity for everybody.

“Starting with this pilot phase, we have begun the process of creating the next generation of Ghanaian millionaires and billionaires through the YouStart program in a coordinated and structured manner,” he added.

The Ghana Enterprises Agency (GEA), the National Entrepreneurship and Innovation Programme (NEIP), and partner financial institutions will implement the program, which will be funded by the government for GHS 10 billion. According to the Deputy Minister, this will assist the government in accelerating job creation, with the goal of creating over one million jobs for Ghanaians in the next three years.

He explained that YouStart will provide soft loans of up to GH50,000 to help start-ups (particularly by young graduates and school leavers) and small businesses expand; starter packs (soft loans tied to equipment acquisition) of up to GH50,000 for individuals and GH100,000 for associations and groups; and a standardized loan package of between GH100,000 and GH400,000 at concessional rates for SMEs from financial institutions.

It will also provide young businesses with skills development, entrepreneurial support, and business advisory services, as well as competitive credit and starter packs, and market access, including portals to facilitate digital linkages between youth-led enterprises and other businesses and relevant government agencies.

The program’s pilot phase has so far provided cash and technical help to 115 beneficiaries, and it is expected to result in the creation of 230 direct and indirect jobs.

Ken Ofori-Atta, Minister of Finance, Abena Osei Asare, Deputy Minister of Finance, and other important government officials from the Ministry of Finance, as well as representatives from the GEA and NEIP, were in attendance.

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