In a pivotal move towards economic empowerment and poverty alleviation, Hon. Ken Ofori-Atta, Ghana's Minister of Finance, yesterday announced a substantial financial commitment from the government at the grant signing between the Ghana Enterprises Agency and the beneficiaries at the UPSA.
The disbursement of the grant support to over 30,000 beneficiaries was implemented through the Ghana Enterprises Agency’s (GEA) YouStart program under the Ghana Jobs and Skills Project (GJSP) and the Ghana Economic Transformation Project (GETP), giving grant support totalling GH¢100 million to startups and Micro, Small, Medium Enterprises (MSMEs) in 2023.
In the 2024 Budget, an impressive GH¢200 million has been allocated to support programs aimed at fostering entrepreneurship, particularly among the youth—a demographic constituting a significant 75 percent of the population.
This financial commitment signifies the government's unwavering dedication to creating a conducive environment for businesses to flourish. By allocating substantial resources to support entrepreneurial initiatives, the government underlines its commitment to nurturing innovation and transforming the ideas of the youth into tangible and sustainable results.
One noteworthy aspect of this initiative is the government's proactive approach in seeking additional support. Mr. Ofori-Atta disclosed that the government is soliciting $200 million from the World Bank, further emphasizing the collaborative efforts to ensure the continuous support and sustainability of these crucial programs.
The strategic allocation of funds reflects a comprehensive understanding of the challenges faced by the youth in translating their ideas into successful ventures. By providing financial backing, the government aims to remove barriers that often hinder young entrepreneurs from realizing their full potential.
This initiative is not merely about financial support; it symbolizes a broader commitment to creating an ecosystem where entrepreneurship can thrive. The government's focus on youth entrepreneurship aligns with the broader goal of fostering economic growth and reducing poverty by unlocking the potential of the country's young and dynamic population.
As we celebrate this significant step towards a more prosperous future, it is essential to acknowledge the competence and foresight of Mr. Ken Ofori-Atta. His leadership in steering Ghana's financial policies towards impactful and sustainable initiatives showcases a commitment to addressing societal challenges at their roots.
In conclusion, the allocation of GH¢200 million and the efforts to secure additional funding from the World Bank exemplify Ghana's dedication to fostering entrepreneurship and alleviating poverty, particularly among the youth. This collaborative approach between the government and international institutions is a beacon of hope for a future where innovation and economic growth go hand in hand, ultimately shaping a more prosperous Ghana for generations to come.
Prince A. A. Sadat
(NPP National Youth Wing Administrator)