President Akufo-Addo sets $100million fund for young entrepreneurs
- President Akufo-Addo has set up $100million fund for business startups
- The president says his government want to see an end to high rate of unemployment
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The President of the Republic, Nana Addo Dankwa Akufo-Addo has set aside a $100 million seed capital in support of young Ghanaian business entrepreneurs and innovators.
The National Entrepreneurship and Innovation Plan (NEIP), is a new initiative of the Akufo-Addo, Bawumia government aimed at reducing unemployment situation in the country.
Speaking at the launch in Accra today, President Akufo-Addo explained that, Ghana’s public finance system has over the years witnessed severe constrains, riddled with mismanagement and corruption.
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Therefore he is confident the new $100million initiative, will serve as a vehicle in providing financial support for small businesses and startups.
“It’s the intention that, this seed money should be leveraged to raise money from private sources and public organizations to the tune of US$100 million to fund its programmes,” President Akufo-Addo said.
He also disclosed that, his administration is taking some practical and workable steps in addressing joblessness, in order to create better living conditions for many Ghanaian youth.
“In 2015, some 4,500 young Ghanaians arrived in Italy, after undertaking the horrendous Mediterranean crossing that we all see on television. I am determined that we change the economic conditions in our country for the better, to ensure that young people see it as a place of opportunities, instead of the place from which they flee at the peril of their lives. We need to do all within our power to create an entrepreneurial climate, to enable our young people come up with creative ideas that can be developed into businesses,” he added.
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The President at the launch lamented that, every year more Ghanaian graduates including artisans join the fray of unemployment, looking up to governments for jobs that doesn’t exit.
Nana Addo also disclosed that, he has personally come face to face with some desperate graduates who are well-qualified for the job market, and yet can’t decent find jobs to earn a living. A tread he says his administration is determined to change.
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