The Ministry of Finance has disclosed that Government of Ghana will later this year launch the YouBanC initiative to ensure that young people are given the requisite support to develop and grow their businesses from inception.
This initiative, as stated by the Ministry, forms part of Ghana government’s strategic approach to solving access to finance concerns in the country.
Hon. John Kumah, a Deputy Minister of Finance revealed that the Ghana Enterprise Agency (GEA) and the National Entrepreneurship and Innovation Programme (NEIP), will help to implement the YouBanC initiative.
“Both institutions will collaborate to ensure entrepreneurs are provided sufficient support regardless of their location across the country.”Hon. John Kumah
Mr. Kumah made this disclosure while introducing the YouBanC initiative and the creation of one Million Jobs during the Accra edition of the Springboard-Ghana Cares Youth Dialogue.
The dialogue was held under the theme, “Opportunities for Ghana’s Youth Under the Ghana-Cares Programme”.
The Deputy Minister stated that, through the initiative, young applicants would be granted financial and technical support to start and grow their business ideas.
Also, Mr. Kumah disclosed that government would work with institutions such as the venture capital trust funds and the commercial banks to transition successful YouBanC beneficiaries from Small to Medium-sized enterprises.
This, Mr. Kumah stated, would be done through the injection of longer-term financial support to help expand the operations of these entities and eventually, the bright and best would be moved onwards to the Development Bank Ghana (DBG) for larger-scale financing.
Developing Ghana’s economy through YonBanC
On his part, Hon. Ken Ofori-Atta, stated that Government through the initiative, aims to create an entrepreneurial State to develop the Ghanaian economy.
Hon. Ken Ofori-Atta speaking at the event, stated that the initiative would be introduced after the presentation of the 2022 budget.
The Minister while urging young entrepreneurs to have a transformative mind set towards employment related issues in the country, stated that, small beginnings are important in the development of entrepreneurial skills.
Also, Hon. Ofori-Atta stated that the idea of becoming an entrepreneur in Ghana needs to be pursued intentionally, calling on the youth to get themselves familiar with the GhanaCares programme and the YouBanC initiatives.
The Minister, touching on a research conducted on employment aspirations among the Nation Builders Corps (NABCO) personnel, revealed that, 98 per cent of the youth wanted jobs in the public sector. This, he hinted would not be the way into the future.
On her part, Mrs. Comfort Ocran, the Executive Director of the Springboard Road Show Foundation stated that the event provided an enabling platform for young people to directly interact with stakeholders.
This, she disclosed would provide feedback on the government’s proposals for creating jobs and stimulating innovation under Ghana CARES Obaatanpa Programme.
“The ultimate objective is to create awareness among the youth about available opportunities and how they can take advantage of them.”Mrs. Comfort Ocran
In the meantime, the Hon. Ken Ofori-Atta, during the presentation of the 2021 Mid-Year Budget Review stated that Government plans to create more jobs for the youth.
“Our [Government] strategy to place the private sector at the heart of this endeavour is to accelerate competitive import substitution and export expansion to generate sustainable jobs for the teeming youth (under 35 years), who make up about 71% of the population.”Hon. Ken Ofori-Atta