The government is expected to give soft loans to about 1,000 young entrepreneurs this month under the National Entrepreneurship Innovation Plan.
According to the Minister for Business Development, Dr Mohammed Awal the potential beneficiaries will receive between ¢10,000 and ¢100,000 each depending on project scope at 10 percent interest rate.
The initial $10 million package earmarked for the project which will include 1,000 females has been increased to $100 million.
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The Minister was speaking at a breakfast meeting with CEOs of the Ghana Employers Association in Kumasi.
He said the government will soon announce a similar package for what it describes as established but struggling businesses.
He added that the initiative will cushion industry to realize government’s Ghana Beyond Aid agenda.
Dr Awal called on business owners to put succession plans in place to ensure their businesses survive through generations.
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“All the businesses we knew when we were young, where are they? When the owners die, they are gone. Can we find a mechanism to make sure that businesses survive after we’re no more?”
Dr Awal also said that the government is working tirelessly to develop road infrastructure and railway systems to promote sub-regional economic activities.
He said when the needed infrastructure is provided, businesses will flourish and the economy will grow.