The Minister for Business Development, Dr. Mohammed Ibrahim Awal has revealed that, the Government of Ghana under his Excellency Nana Addo Dankwa Akufo-Addo through his ministry is ready to support up and coming entrepreneurs with more funding across the country for job creations. According to him, the Ministry has for the past two years implemented a number of initiatives including the Presidential Business Support, Green Business development, Capacity building for women and disabled entrepreneurs among others.
Dr. Ibrahim disclosed this when addressing the media while taking his turn at the Meet the Press Series. Dr. Awal said government is ready to spend more money to build the capacity of young entrepreneurs in order to give them a competitive advantage in the Era of the Africa Continental Free Trade Agreement.
“The monies spent so far, that is the GH¢100 Million, were used for capacity building and for funding. And we will be spending more to make sure our young people compete.”
The Minister went on to note that apart from monitoring to ensure effective development of the businesses under its initiatives, they were also making strides in retrieving the amounts given out as funds to young entrepreneurs, thereby ensuring that government’s investments are not lost.
“We’ve so far had 70 % recovery for the loans we’ve given out, that is for last years beneficiaries. Our target however is 90 %. We’re going to continue using internal and external monitoring and evaluation resources to ensure that we are doing the right thing.”
Entrepreneurs Trained So Far
The Minister for Business Development, Mohammed Ibrahim Awal told the gathering that so far they have managed train to 19,000 young entrepreneurs. Out of that number, 7 thousand were trained in 2018, while 12 thousand have so far been trained in 2019. Out of the trained number for 2018, 1,350 entrepreneurs have received funding from between GHC 10,000 to GH¢100,000.
The Ministry says it plans to increase its support to 3 thousand entrepreneurs for 2019 with funding at a rate of 10 percent.
Highlighting on the way forward of the Ministry, Dr. Ibrahim hinted the media that, his ministry under his watch are currently working on number of initiatives that will cut across every business in the country. These initiatives are as follows:
POLICY ON ENTREPRENEURSHIP :The overall goal of the Policy is to support economic growth through the development of entrepreneurship and innovation programmes that create more jobs, generate more income, and help to reduce poverty. The Policy also aims to create and strengthen an entrepreneurial environment.
TRAINING FOR HEAD PORTERS (KAYAYEI) :2,000 head porters (kayayei) to be trained to improve upon their business skills.
BUSINESS DEVELOPMENT CAPACITY BUILDING OF MMDCES : Programme to build capacity of Metropolitan, Municipal and District Chief Executives (MMDCEs) and other stakeholders to support business development activities in their districts and finally, the introduction of domestic domes throughout the country.