According to Mr. John Awuah, CEO of the Ghana Association of Bankers, Covid has taught Ghana to concentrate on creating a domestic economy that is run and owned by Ghanaians.
To that purpose, he claimed that banks are backing government programs like the YouStart policy.
“The COVID-19 epidemic has, in part, shown us the need of having a locally owned and operated economy in Ghana.
During a signing ceremony with 13 Participating Financial Institutions (PFIs) to support the implementation of the commercial component of the GH10 billion YouStart entrepreneurship program, Mr. Awuah told the GNA, “This signing is an attestation that the public and private sectors can work together to create value and the entrepreneurial nation we’ve all been yearning for.”
Dr. John Kumah, a deputy minister of finance, stated that the YouStart initiative relied heavily on bank backing but aimed to intentionally expand start-ups and make them contribute to the government’s target of creating three million jobs.
At a signing ceremony with 13 Participating Financial Institutions (PFIs) to promote the commercial implementation of the GH10 billion YouStart entrepreneurship program, he made this statement.
Dr John Kumah said the partnership was critical in the Government’s quest to build future entrepreneurs and make Ghana an entrepreneurial State.
He, therefore, urged the PFIs to sustain their support to the programme and ensure its extension to entrepreneurs with businesses in rural areas to help create jobs and uplift many living in those areas from poverty.
The funds would be used to meet the working capital requirement of businesses, support their expansion needs and purchase of equipment or machinery to enhance productivity and create more well-paid jobs, especially for the youth.
Mr Ken Ofori-Atta, the Minister of Finance, signed for the Government, with Managing Directors of the 13 PFIs signing for their respective banks.
Mr John Awuah, the Chief Executive Officer (CEO), Ghana Association of Bankers (GAB), signed for the coordinating institution of the PFIs, which is GAB.
In his speech at the programme, Mr Ken Ofori-Atta, Minister of Finance, said the signing of the agreement showed the commitment on the part of the Government and the private sector to strengthen links between education and job market stakeholders.
He explained that the partnership would provide access to finance, skills, and markets for young Ghanaian entrepreneurs and increase the ability of the private sector to create decent and sustainable jobs.
“Fundamentally, we had to adopt this approach because the pandemic taught us, we must re-orient our approach towards structural transformation and react with a clear plan to reap the benefits of our population dividend by building an Entrepreneurial State,” Mr Ofori-Atta said.
He noted that the three components of the YouStart programme (Commercial, module, District Entrepreneurship and YouStart Grace Modules) were to ensure that “no one is left behind in building Ghana as an entrepreneurial nation.
He noted that the Banks had worked with the Finance Ministry to design the YouStart programme to help propel businesses forward, particularly younger and smaller businesses.
“It is a positive development. We only must ensure that what we’ve put on paper, when it gets to execution, we all come to the table in a way the agreement has been signed,” Mr Awuah encouraged.
