Govt committed to ending unemployment through innovative means — John Kumah

He said the government led by President Nana Addo Dankwa Akufo-Addo is committed to ending graduate unemployment for the Ghanaian youth through innovative and sustainable means.

According to him, the government's innovative ideas such as the YouStart project will ensure that the plan to deal with unemployment is achieved.

He made this known when the government signed a Memorandum of Understanding with eleven banks for the YouStart Commercial Component, to support entrepreneurs gain access to capital to enhance their businesses on Tuesday, September 20, 2022.

The YouStart programme introduced by the government and expected to create a million jobs for the Ghanaian youth in the next three years has three models: the Commercial Programme, District Entrepreneurship Programme, and the YouStart Grace Programme.

The financial institutions that signed the MoU with the government were GCB Bank Plc, ABSA Bank Ghana Limited, ARB Apex Bank, Access Bank (Ghana) PIc, Ecobank Ghana PIc, FBNBANK Ghana Ltd, Fidelity Bank Ghana Ltd, Universal Merchant Bank, Consolidated Bank Ghana Ltd, CalBank PIc, OmniBSIC Bank Ghana Limited, and the Ghana Association of Banks signed as a witness.

Speaking to the press after the MoU, John Kumah said "What this means for the Ghanaian youth is that these partner banks under the Youstart commercial programme will give out loans from GH¢100,000 to GH¢500,000 at reduced interest rates.

"They will also not demand collateral, will offer training and technical support to businesses of young people over the next 2-3 years as we seek to create 1 million jobs and empower a mass number of the Ghanaian youth to be business owners and creators."

"This is unprecedented and a commitment by this government to end unemployment in Ghana through innovative and sustainable means.

"The banks are responsible for their own assessment, disbursement, and recovery of their loans with no Government interference," he added.