YouStart will support youth-led enterprises with Soft loans – Govt

The government has said that the YouStart initiative will support youth-led enterprises with Soft loans, Starter packs and standardized loan packages at concessional rates for Small and Medium Scale Enterprises (SMEs) from financial institutions.

It will also provide skills development, entrepreneurial support, business advisory services, access to competitive credit.”

President Nana Addo Dankwa Akufo-Addo earlier said that the government is determined to support and boost the private sector to increase employment rates in the country.

The government is doing this through the YouStart programme, according to the president, which, he said, would result in new businesses championed by the vibrant youth of our country.

“Government is determined to support and boost the private sector to increase employment rates in the country through the #YouStart programme, which will result in new businesses championed by the vibrant youth of our country,” the presidency tweeted.

The Finance Ministry announced the creation of one million jobs for the youth of this country though the YouStarts programme.

This was announced by the Finance Minister Ken Ofori Atta in the budget statement for the 2022 fiscal year on Wednesday November 17.

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.

“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.”

Source: 3news.com|Ghana