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14.08.2019 Business & Finance

Presidential Business Support Programme For Young Entrepreneurs — Minister Discloses

Presidential Business Support Programme For Young Entrepreneurs — Minister Discloses
LISTEN AUG 14, 2019

The Minister for Business Development, Ibrahim Awal Mohammed has disclosed that the Presidential Business Support Programme (PBSP) introduced by government will provide structured entrepreneurship and business development training for young entrepreneurs in the country.

According to him, the PBSP programme which has two windows and Presidential pitches will help build capacity and funding for women entrepreneurs with living with(out) disability, culture amongst the youth, head potters (Kayayei) as well as Metropolitan, Municipal and District Chief Executives (MMDCEs).

Explaining the PBSP at a press briefing, Hon. Awal Mohammed said “In 2017, Seven Thousand (7000) young entrepreneurs were trained under the PBSP with 1350 receiving funding. It emerged that Makola Women Groups, Bonwire Kente Weavers, Kumasi Central Market, Shoemakeers Association, Asumbrungu Craft Group, Estern, Western as well as the Ashanti Regional Garages were some of the selected beneficiaries.”

According to him, Government of Ghana created the Ministry of Business Development to develop and implement policies and programmes to improve the entrepreneurial capacity of Ghanaians particularly the youth in order to create jobs and wealth. It’s also to develop an innovative business environment for social and economic development.

Hon Mohammed added that Twelve Thousand (12000) businesses have applied for training and funding under Window Two of the Presidential Business Support Programme.

“All twelve thousand applicants have received training. The Training provided an avenue for all applicants to get technical support, training, mentorship, business advisory services in the Window Two of the Presidential Business Support Programme,” he emphasised.

He added that three thousand (3000) applicants out of the twelve thousand (12,000) trainees will receive Seed Capital of between GHs10,000 and GHs100,000 with 10% interest per annum whiles 2,000 entrepreneurs provided with entrepreneurship training nationwide. They have been taken through topics including; Business Plans, Global Competitive Marketing, Accessing Finance from International Sources and Tapping into the Global Value Chain.

The Training undertaken between the Ministry of Business Development in partnership with the Institute of Creation and Development of Enterprises (INCYDE) of Spain has drawn participants from the 16 Regions of Ghana.

On the outcome of the initiatives, Hon. Awal Mohammed mentioned that about 4750 Jobs have been created under Capacity Building for Young Entrepreneurs and startups with 75 Domes also built at Dawhenya. The Domes are built to train young entrepreneurs in Agribusiness whiles the biggest Green House Estate sits in West Africa having 920 jobs created under its project.

The Minister for Business Development also revealed that Senior High School students were exposed to business concepts and plans at an early age adding that this tendency will help them think entrepreneurial and begin to develop projects emphasizing that 7,500 students in Senior High School are benefitting from the initiative nationwide.

Highlighting on Tertiary Student Entrepreneurship Initiative the Minister said “We ensured Entrepreneurship clubs were set up in Tertiary Institutions to boost the entrepreneurship ecosystem and deepen the entrepreneurial capacity of students.15,000 students in tertiary institutions are benefitting from the initiative nationwide."

Explaining the Presidential Pitch One under the Building Entrepreneurship Culture, he mentioned that funding has been provided to Young Entrepreneurs between18 and 35 years with brilliant business ideas.

“Twenty (20) young entrepreneurs were assisted last year with funding, ranging from GHC25,000.00 to GHC50,000.00. His Excellency, The President personally donated GHC25,000.00 to Vanessa Aisha Limann, the overall winner, bringing her total award to GHC75,000.00. Over 200 Jobs created under the Presidential Pitch 1,” he stated.

The Presidential Pitch Two, he intimated has received over 800 applications of which 20 were selected,10 to the final pitch receiving funding between GHC25,000 to GHC60,000 likewise a personal donation of GHC40,000 by President to the overall winner. Another personal donation of GHC10,000 by the Hon. Minister for Employment and Labour Relations to one of the finalists.

On capacity building targeting women entrepreneurs, he noted that 2,000 Women entrepreneurs received training in entrepreneurship to build their capacity for business growth whiles a 100 out of 1,000 women entrepreneurs with disability are expected to receive funding to scale up their businesses.

Hon. Awal Mohammed disclosed that 2,000 head porters (kayayei) will be trained to improve upon their business skills whiles the programme will also help to build capacity of Metropolitan, Municipal and District Chief Executives (MMDCEs) likewise other stakeholders to support business development activities in their various districts.

The Minister further stated that the overall goal of the policy is to support economic growth through the development of entrepreneurship and innovation programmes that create more jobs, generate more income, and help to reduce poverty. The Policy also aims to create and strengthen an entrepreneurial environment.