Finance Minister, Ken Ofori-Atta has announced that all is set for implementation of the YouStart initiative in 2024.
He said this during the 2024 budget presentation in Parliament on November 15.
“On 14th November, 2022 exactly a year ago, government launched the You Start Initiative as a direct response to the employment challenge facing our country. Through this initiative government sought to an entrepreneurial nation by providing training, competitive funding, access to market and technology to our youth.
“Mr Speaker, a year on, the preparatory work has been completed. The three components of the initiative, YouStart district, Entrepreneurship programme, Commercial Programme and the YouStart grace Programme have also been developed and piloted successfully,” he said.
According to him, government in collaboration with eleven banks will support young entrepreneurs start their businesses.
“On 20th September 2022, government signed an MoU with 11 banks and the Ghana Association of Bankers to support entrepreneurs gain access to capital to enhance their business.
“The Ghana Association of Bankers have worked with us to train the participatory financial institutions on the programme and have completed the design of the technology platform to receive applications. The national Banking College has also been engaged under the programme to train beneficiaries on behalf of the participating banks,” he indicated.
Mr Ofori-Atta mentioned that government has allocated GHc200M for the programme adding that it seek additional funding from the World Bank.
“Mr Speeaker the Ghana Enterprises Agency and the National Entrepreneurship and Innovation Programme has been brought together as a cohesive unit to co-lead the district entrepreneurship component of the YouStart Programme.
“Mr Speaker all is set to accelerate the implementation of YouStart. We’re working with our partners the World Bank to secure additional financing of $150M. On our own, we’re commiting GHc200M to ensure that more young persons are supported into entrepreneurship,” he concluded.
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