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Ghana allocates GHS 100 million to propel youth-led start-ups and MSMEs

In a strategic move to harness the potential of Ghana's youthful population for economic development, the government has allocated GHS 100 million in grant funding and training.

Ghana allocates GHS 100 million to propel youth-led start-ups and MSMEs

The initiative, executed through the Ghana Jobs and Skills Project (GJSP) and the Ghana Economic Transformation Project (GETP), aims to empower thousands of youth-led start-ups and Micro, Small, and Medium Scale Enterprises (MSMEs).

The Ghana Enterprises Agency has been instrumental in implementing these projects, providing essential capacity-building in business management, technical assistance, and grant funding. Over 30,000 individuals, including startups and MSMEs, have already benefited from this program, with plans to extend support to many more in the coming year.

Dr. Bawumia, addressing a gathering of youth entrepreneurs at the "Empowering Youth Entrepreneurs For A Resilient Economy" expo, emphasized the government's commitment to fostering entrepreneurship.

He highlighted the approval of over GHS 35 million to 272 MSMEs in September 2023 and an additional GHS 65 million to support over 780 firms between September 2021 and August 2022 under the GETP.

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The Vice President announced a grant support of almost GHS 65 million to 3,000 startups and MSMEs, totaling GHS 100 million in 2023. A special grant package has also been designed to empower Persons With Disabilities (PWD).

Dr. Bawumia sees these initiatives as investments in the dreams and potential of the youth, creating an environment of possibilities where ideas flourish and businesses thrive.

The YouStart initiative includes comprehensive Business Management Training, benefitting over 30,000 young entrepreneurs and MSMEs. Dr. Bawumia anticipates that, by the end of these projects, more than 50,000 startups and MSMEs will receive technical and financial support through the Ghana Enterprises Agency.

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The impact of these initiatives extends beyond financial metrics; it's an investment in the nation's youth and businesses, laying the foundation for economic growth and prosperity.

Dr. Bawumia emphasized that empowering the youth is a strategic move towards industrialization, export expansion, and job creation, contributing to a secure future and positioning Ghana as a success icon internationally.

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