The Ministry of Finance is set to support businesses of Ghanaian youths through its YouBanC initiative to ensure that young people are given the requisite financial and technical assistance from an early stage to develop and grow.
This forms part of a tailored approach by the ministry to solve access to finance concerns which hinder young people from venturing into entrepreneurship, likewise creating jobs for them under the Ghana-CARES Obaatanpa Programme.
“Through this Initiative, Young Applicants between the ages of 18-35 will be granted financial and technical support to start or grow their Business Ideas,” said Finance Minister Ken Ofori-Atta.
The beneficiaries will be given ample time to pay back the money as their businesses grow.
The initiative will further give student-entrepreneurs who benefit from the programme a chance to serve their national service with their own company after graduating – a move that is meant to encourage students to start something while in school.
YouBanC will simultaneously promote growth in small and medium enterprises (SMEs) and support new ventures.
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It is clear that even though the government happens to be the largest employer in the country, it has exhausted vacancies in the public sector, making it difficult for the youth to be absorbed there.
The option left is the private sector but even the formalisedaspect of this sector is gradually choking so the more promising opening is self-employment but that needs some push.
This is why it is soothing to learn that the Ministry of Finance (MoF) has adopted an initiative known as the YoubanCto give financial and technical support to young entrepreneurs in country.
The initiative, to be launched after the reading of the 2022 budget, would be implemented in collaboration with the Ghana Enterprises Agency (GEA) and the National Entrepreneurship and Innovation Programme (NEIP) under the COVID-19 Alleviation and Revitalisation for Enterprise Support (CARES).