Govt’s strategy is simple; back hardworking people, create local businesses, support existing ones – MoF

Finance Minister

The Ministry of Finance has said the strategy of the government is to back hardworking people, create local businesses and support existing ones.

The government says it envisages that unleashing the potential of Ghanaian entrepreneurs will become the foundation for growth.

From a policy standpoint, we envisage that unleashing the potential of our entrepreneurs will become our foundation for growth, while Government uses the tax and regulatory levers at our disposal to ensure that the proceeds of growth are redistributed to those less fortunate.”

The government says it has completed the piloting of the flagship YouStart programme and ready to be rolled out in April this year.

The YouStart initiative was announced in the 2022 budget statement by the Finance Minister Ken Ofori Atta on Wednesday November 17 2021, as part of measures to create one million jobs for the youth of this country.

He said “The 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
which proposes to use GH¢1 billion each year to catalyze an ecosystem to create 1 million jobs and in partnership with the Finance Institutions and Development Partners, raise another 2 Billion Cedis.

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“In addition, our local Banks have agreed to a package that will result in increasing their SME portfolio up to GHC 5 billion over the next 3 years.

“This, Mr. Speaker results in an unprecedented historic 10 Bn Cedis commitment to the private sector and YouStart over the next 3 years.

“Mr. Speaker, YouStart is a vehicle for supporting young entrepreneurs to gain access to capital, training, technical skills and mentoring to enable them launch and
operate their own businesses.

“Mr. Speaker, the Ghana Enterprises Agency (GEA), the National Entrepreneurship and Innovation Programme (NEIP), and partner financial institutions, will serve as the implementing arms of YouStart.

“Entrepreneurs will be able to apply for support through a dedicated YouStart online portal.

“NEIP will also engage our Faith-Based Organisations as partners for the delivery of essential artisanal skills, business competitions, and feasibility studies and introduction to financing institutions with a commitment of up to 10% of GOG contribution to the YouStart Programme.”

By Laud Nartey||Ghana