President Akufo-Addo in a pose with Vanessa Aisha Liman (Left), wiinner of the Presidential Pitch in Accra
President Akufo-Addo yesterday fulfilled his promise to support small start-up businesses with capital by providing seed capital for some 10 young entrepreneurs under the ‘Presidential Pitch’ initiative.
It is aimed at attaining government’s ambition of helping to unleash an entrepreneurial revolution in the country.
In all, over young 2,000 entrepreneurs applied for the programme.
Later, 20 proposals were selected, with the 20 successful applicants given mentors and attached to various businesses, and with the others stationed at the Ministry of Business Development’s incubator hubs.
At the end of the competition yesterday, however, 10 people emerged winners, with each taking between GH¢30,000 and GH¢45, 000 and the eventual winner taking home GH¢50,000 as a start-up capital.
The amount is expected to be paid back in three years’ time.
Speaking at the ceremony, President Akufo-Addo said, “It is my expectation that the 10 beneficiary companies should help create jobs, and, at least, employ three people each.”
“Through periodic updates from the ministry’s monitoring and evaluation systems, I am going to take personal interest in the way the beneficiary companies are run, as the ministry helps nurture them into prominence,” he said.
In addition to the ‘Presidential Pitch’, he said was government taking a decision to launch a National Entrepreneurship and Innovations Plan (NEIP), with an initial start-up capital of $10million to support young entrepreneurs start-up their businesses.
“Again, through the NEIP, five hundred (500) young men and women across the country will receive funding to help expand their businesses. This will be the first time, in recent times, that a deliberate, systematic, integrated national policy has been instituted to support early stage start-ups and small businesses,” he added.
President Akufo-Addo reiterated government’s commitment to creating the most business-friendly environment in Africa, where businesses flourish and create jobs.
“That is why government has put in place measures intended to reduce the cost of doing business and improve the business environment. Our actions have resulted in the growing stability of the macro-economy, reduction in inflation, reduction in utility tariffs, and an abolition of nuisance taxes whose aim is to shift the focus of the economy from taxation to production,” he stated.
According to the president, all these measures are being undertaken to stimulate enterprise activity and growth in the country.
“In you, the contestants I have met today, the future of the Ghanaian private sector is extremely promising,” President Akufo-Addo stated.
By Charles Takyi-Boadu, Presidential Correspondent