The Minister for Business Development, Dr. Ibrahim Mohammed Awal, has announced GH¢10 million seed fund from government to support businesses in Zongo communities to enhance economic activities and job creation efforts.
Beneficiary businesses will be selected using their business plans to ascertain how Specific, Measurable, Attainable, Realistic and Time-bound (SMART), as well as how feasible they are in creating jobs for others in order to curb the high unemployment rates in the communities. Businesses in sectors such as agribusiness, ICT, tourism, trade, amongst others, have been targeted.
For this reason, capacity training would be provided to the beneficiaries to enable them develop feasible business plans that can create jobs for others, Dr. Awal said during the launch of the Zongo Business initiative held in Tamale, the Northern Regional capital.
“We are committed to creating a sustainable and most business-friendly and business enabling environment that fosters private sector-led investment for job creation and livelihoods. We also seek to promote the entrepreneurial capacity of the youths as well as nurture, build and promote indigenous Ghanaian business,” he said.
He noted that the youth would be encouraged to take advantage of the business opportunities to create for themselves market niches not only within the shores of Ghana but also on the international market.
“We cannot just look at Ghana being a spectator where there is 1.2 billion market in Africa, 3.3 trillion-dollar business trade and investment.
The training and the support are to enable them produce goods and services that will not meet only the local requirements but also international requirements and standards and that is why government, for the past three years, has been supporting the youths in diverse ways.
Dr. Awal further noted that persons with disability have also been supported with the needed resources and funds to help them have the needed capital for their business.
He stressed that government is committed to train over 25,000 youths every year with GH¢10 million to be given in support for the next 10 years which would go a long way to empower the economy since it is going to be filled with young, vibrant and smart entrepreneurs who are capable of competing outside the shores of Ghana.
The event, which had the theme: ‘empowering Zongo youth for inclusive growth’ aims at building entrepreneurial skills of the youth in Zongo communities in Ghana for job creation. It is also in line with the President’s commitment to strengthen the productive capacity of the youth.
The Presidential Business support Programme (PSBP) is a government initiative aimed at assisting Ghanaian businesses with business advisory and funding to scale up and create jobs.
Under the PBSP, which was introduced in 2018, about 45,000 businesses have been trained while 9,000 have received financial support.
The beneficiaries of the seed capital are to pay 10 percent interest per annum on the amount received for a period of one to two years.