Government has advanced a total of thirty million Ghana Cedis (GHc 30,000,000) funding package to about three thousand (3,000) young entrepreneurs to help propel their businesses to higher heights and thereby create job opportunities for others.
President Akufo-Addo made this known at the Jubilee House when he addressed beneficiaries of window two (2) of the Presidential Business Support Programme (PBSP) at a ceremony to present them with their various support sums.
“The Presidential Business Support Programme is designed to offer funding to Ghanaian start ups, small and medium size businesses, which constitute over 80% of all businesses in the country,” President Akufo Addo said when he addressed the ceremony.
“The successful beneficiaries of the programme are to receceive seed capital ranging from ten thousand cedis (10,000.00) to one hundred thousand Cedis (100,000.00),” the President added.
Laid Down Criteria
The successful businesses selected to benefit from the programme, according to President Akufo Addo, had to meet some laid down criteria such be a wholly-owned Ghanaian business, be a micro-small or medium-scale enterprise either at a start-up stage or an already existing business that needs support for growth, be a business with a sustainability growth model, possess the ability to scale up and have the capacity to create jobs and employ other people.
Focus on Key Sectors
The various areas of focus of the businesses which have been selected for funding, President Akufo Addo indicated, cuts across key sector of the economy, i.e, agri-business & agro processing, Information and Communication Technology (ICT), Sports tourism and recreation, sanitation, waste management and green ecological businesses, health food and beverages industries, fashion clothing & accessories and beauty industry, media, marketing and communications, manufacturing and industrial processing, real Estate and Construction and transport, logistics and professional services.
In his address, the President noted that he is informed that window one (1) of the Presidential Business Support Programme created about 20,000 direct and many more indirect jobs by its beneficiaries. The President therefore urged the beneficiaries of widow two (2) to target the creation much more than season one did.
“As you receive, you must be prepared to give back to society. The training and support you are receiving must together be able to create several thousands of direct and indirect jobs” the President said.
The B. D. Minister
The PBSP Beneficiaries are expected to pay back the offers at an annual interest rate of 10% on the amount received. The Minister for Business Development, Mohammed Awal in his welcome address announced that the recovery from window one which was held last year is over 70%.
“Young people please, once you get the money, it is not free. Pay back and let other people benefit from it,” the Business Development Minister, Mohammed Awal said.
The PBSP Initiative
The Presidential Business Support Programme (PBSP) is a government initiative aimed at assisting Ghanaian businesses with Business Advisory Services and funding to scale up and to create jobs. The initiative is in fulfilment of President Akufo Addo’s commitment to support small businesses which constitute over 80% of all businesses in the country to become competitive and contribute to the nation’s socio-economic development.
The country’s private sector is at the heart of government’s transformative agenda and President Akufo Addo is committed to building the capacity of Ghanaian entrepreneurs to play a leading role in transforming the economy through the Presidential Business Support Initiative.