Gov’t supports startups, MSMEs with GH₵100m in 2023-Dr Bawumia

The Government, through the Ghana Jobs and Skills Project (GJSP) and the Ghana Economic Transformation Project (GETP), has given grant support totaling GH₵100 million to startups and Micro, Small, Medium Enterprises (MSMEs) in 2023.

The disbursement of the grant support to over 30,000 beneficiaries was implemented through the Ghana Enterprises Agency’s (GEA) YouStart programme.

The GJSP and GETP projects were funded by the World Bank through the ministries of Finance and Trade and Industry as part of measures to cushion startups and enterprises adversely affected by the COVID-19 pandemic.

Vice-President Alhaji Bawumia announced this at the Grant Signing Ceremony organised by the Ghana Enterprises Agency in Accra

Dr Bawumia together with Mr Ken Ofori Atta, Finance Minister, Mr Kobina Tahir Hammond, Minister for Trade and Industry and Mrs Kosi Yankey-Ayeh, Chief Executive Officer (CEO) of GEA handed over GH₵65 million to 3, 000 beneficiaries across the 16 regions of Ghana.

The event marks just phase one of the You Start Ghana Jobs and Skills project funded by the World Bank, which seeks to address the Ghana’s unemployed youth population whilst imbibing in them entrepreneurial skills.

In September 2023, through the GEA, the Government approved over GH₵35 million for 272 MSMEs under various components of the Ghana Economic Transformation Project.

Dr Bawumia said the Akufo-Addo-led government had created 2.1 million jobs within a period of seven years despite the global economic meltdown created by the COVID-19 pandemic and the Russia-Ukraine war.

“I am honoured to witness the tangible results of collaborative efforts between the government, the private sector, and the World Bank.

“I extend my deepest appreciation to the GEA, led by its dynamic CEO Mrs Yankey-Ayeh for their unwavering commitment to fostering the growth and development of startups and MSMEs”.

The Vice-President also thanked the Minister of Finance, Ken Ofori Atta, for being the brainchild behind the YouStart programme and working hard to ensure its success. 

He lauded the leadership of the Minister for Trade and Industry, Mr Hammond for ensuring oversight responsibility of those invaluable programmes.

“The Government is also thankful to our key development partners including the World Bank for both its Technical Reviews and provision of funding towards the implementation of these transformational Projects. 

He announced that there is a special grant package designed to support and empower Persons with disabilities (PWDs). 

He noted that more entrepreneurs and startups would receive grant funding in 2024 under the YouStart initiative. 

“By the end of these two Projects, the government will have supported more than 50,000 startups and MSMEs with technical and financial support through the Ghana Enterprises Agency. 

“This grant funding is not just a monetary transaction; it is an investment in the dreams, aspirations, and potential of the youth,” Dr Bawumia added.

“It is a signal that shows the youth of this great nation that ‘it is possible.’ Through strategic partnerships and targeted interventions, we are creating an environment of possibilities where ideas flourish, businesses thrive, and individuals find the means to unleash their potential. 

“And it is surely the complementary pathway to nurture and reap the demographic dividend of having a youthful population,” he pointed out.

“The YouStart Ghana Jobs and Skills Project stands as a beacon of hope and opportunity for the youth of our dear nation. 

“The synergy between capacity-building and grant funding as envisioned in the YouStart Ghana Jobs and Skills Project (GJSP) and the GETP, shows the government’s commitment to comprehensive and holistic enterprise development,” he stated.

Mr Ken Ofori-Atta, the Minister of Finance, said the government had allocated GH₵200 million in 2024 Budget to support the programmes and soliciting $200 million from the World Bank to ensure continuous support and their sustainability.

He expressed the government’s unwavering commitment to create a conductive environment for businesses to thrive and ensure that the youth, which constituted 75% of the population turn their ideas into tangible results.

Mrs Yankey-Ayeh,  said  government was resolute in its programme to make the Ghanaian youth and their businesses economically viable and actors of socioeconomic growth.

“Two years ago the Government started to empower the youth with the You Start initiative and over 30, 000 people are into gainful employment across the length and breath of Ghana,” she said.

Mrs Yankey-Ayeh said Ghana Enterprises Agency had business advisors in the district that closed the beneficiaries and would be monitoring to ensure the key performance indicators (KPIs) were met.

“We shall continue to put them through coaching and mentoring to make sure the businesses are going according to plan. The managers of our Regional Business Advisory Centres would continue to provide oversight roles,” she said.