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Government to set up “Youth banc” to finance youth-led start-up businesses

July 29, 2021
Stephen M.Cby Stephen M.C
in Vaultz Business
0
Finance Minister, Ken Ofori-Atta, has expressed government’s intent to establish Export Trade Houses to promote made in Ghana product brands.

Finance Minister, Ken Ofori-Atta

Government has expressed its intention in establishing a youth banc to finance businesses of the youth across the country.

Presenting the 2021 Mid-year budget review to Parliament on Thursday, July 29, Finance Minister, Ken Ofori Atta opined that the project will be catered for by the Enterprise and Youth Support Fund.

As part of this initiative, Mr Ofori Atta explained that an “online investment hub” will be established for the youth across the country. This, he explained, will be for the youth to access information for the purpose of establishing businesses.

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“The Enterprise and Youth Support Fund, which aligns with Government’s overall strategy of developing a competitive and viable private sector economy, will set up a ‘Youth banc’ with the aim of financing youth-led start-up businesses across the country”. 

Ken Ofori Atta

The Finance Minister further noted that under the initiative, it is estimated that over 100,000 jobs will be created. As such, the EYSF will be managed by the Venture Capital Trust Fund.

Mincing no words, Mr Ofori Atta revealed that the fund is being revamped to be better positioned to carry out the “designated activities as a Fund Manager”.

  Challenges of private sector

Touching on the challenges encountered in private sector growth, Mr Ofori Atta highlighted the “persistent skills gap among our youth”. 

A recent survey, according to the Finance Minister revealed that about 50 percent of local employers report misalignment of or inadequacy of skills in the market. 

It  also  reports  that  at  least  50  percent  of  new  tertiary institution entrants are enrolling in programmes in sectors with no or little growth in labour market.

“In response to this, we are strengthening the links between education and job market stakeholders. We are also revitalizing the skills development initiatives under Ghana Enterprises Agency, NEIP, YEA and COTVET. We are also feverishly working on a scheme that enables the private sector to train new recruits at a subsidized rate by Government”.

Ken Ofori Atta
Building an entrepreneurial nation

Expounding on the plans of government, Mr Ofori Atta highlighted the intention of building an “entrepreneurial nation is already known”. With this, government aims to empower the youth to be at ease and venture into business.

Furthermore, he averred that the clean-up of the financial sector and the “invigoration of the  entrepreneurial  eco-system”  is  expected  to  help  remove  the  binding constraints  of  financing  for the  youth.  To achieve this, he espoused on government’s intent to establish a one million job initiative.

“Our focus   will   remain   on   establishing   a   strong   value   system   for entrepreneurship to flourish. Recognizing that more needs to be done, Government is today announcing a ‘One Million jobs initiative‘ to aggressively respond to the need of the country”.

Ken Ofori Atta

These interventions, the finance minister emphasized, are clearly designed to bring us closer to confronting the jobs and employment challenges of our Youth.

“To ensure dedicated   resources,   the   Ministry   of   Finance   and   all participating   institutions   will,   next   month,   sign   an   implementation Compact  on  youth  employment  which  will  tie  release  of  resources  to delivery of results.  This Compact will also track youth focused initiatives across   the   value   chain   of   interventions   under   the   Ghana CARES programme”.

Ken Ofori Atta

Read Also: Government will not make any serious fiscal changes in terms of our taxes – Stephen Amoah

Tags: Budget 2021Ghana Newsprivate sectorYouth Banc
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