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3,000 startup businesses to receive funding from gov’t this year -MoBD

botchway February 5, 2019

 

By Maxwell Obiri-Yeboah                     .

The Ministry of Business Development (MoBD) has announced that a total of 3,000 entrepreneurial start-up businesses are going to be supported financially by the government.

Dr. Ibrahim Mohammed Awal told The Chronicle that his outfit is going to support start-ups within the next three years, with funding ranging from GH¢10,000 to GH¢100,000, for them to pay back with 10% interest over two years.

This, according to the Minister, is in fulfilment of a campaign promise made by the ruling New Patriotic Party (NPP) of providing jobs for the teeming unemployed youth in the country, as well as offering a platform for young entrepreneurs to showcase their ideas and produce.

He disclosed this during the launch of the Tertiary Business Sense Challenge (TBSC), organised by the Graphic Communications Group yesterday in Accra.

The TBSC is a competition aimed at giving tertiary students across the country the platform to exhibit their entrepreneurial skills and business acumen in a competitive atmosphere.

According to the Minister, the government cannot absorb all students who are being churned out of the tertiary institutions, hence, this policy has become necessary in assisting most of the young ones, who are creative, to employ their colleagues.

“The President, Nana Addo Dankwa Akufo-Addo, has given the Ministry seed money of $10 million for this project to take effect in the next three years,” he said.

Throwing more light on the competition, Mr. Franklin Sowa, Head of Marketing at Graphic Communications, said that it is a programme to “grow business minds and develop a pool of people with business competence, hopefully, to go into entrepreneurship and contribute to the growth across borders.”

He went onto say that the programme is an integrated plan, and that it does not matter whether one is in or out of school, for he or she can partake in it, as it cuts across in finance, management, insurance, banking and marketing, and ICT, among others.

 

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