Gov't determined to support and boost private sector to increase employment — Nana Addo

May 23, 2022 3:46 PM

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

President Nana Addo Dankwa Akufo-Addo

According to him, the government will increase employment for the Ghanaian youth through the YouStart initiative.

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The YouStart initiative under the Ghana CARES programme, is being introduced to ease constraints for existing and aspiring young entrepreneurs.

The initiative would ensure that skills training becomes much better aligned with the needs of sectors as drivers of future productivity growth and socio-economic transformation.

YouStart initiative, as captured in the 2022 annual budget would support youth-led enterprises with, soft loans of up to GH¢50,000 to help start-ups (in particular by young graduates and school leavers) and small businesses to expand, Starter packs (Soft loans tied to equipment acquisition) of up to GH¢50,000 for individuals and GH¢100,000 for associations and groups and a standardised loan package of between GH¢100,000 to GH¢400,000 at concessional rates for SMEs from financial institutions.

The presidency in a Twitter post said the initiative is to support the youth by developing a commercially viable business.