One Thousand, three Hundred (1,300) Micro, Small and Medium Enterprises have received various sums of money ranging from GH₡10,000 to GH₡100,000 under the Presidential Business Support Programme (PBSP).

The funds will enable them create and expand the frontiers of ecosystem entrepreneurship skills among Ghanaian enterprises.

PBSP, which is being implemented under the auspices of the Ministry of Business Development and the National Entrepreneurship and Innovations Plan (NEIP), is a government initiative aimed at assisting Ghanaian businesses with Advisory Services and funding to scale up and to create jobs.

This initiative, forms part of a deliberate, systematic and integrated national policy, that has been instituted to support young entrepreneurs across the country to create and expand the frontiers of ecosystem entrepreneurship skills among Ghanaian youth.

The initiative is also in fulfilment of President Akufo-Addo's commitment to supporting small businesses, which constitute over 80% of all businesses in the country to become competitive and contribute to the nation's socio-economic development.

Under the Programme, government, last year, (2017) launched the NEIP, with an initial start-up capital of US $10 million to support young entrepreneurs start-ups, aimed at expanding the entrepreneurial climate to enable Ghanaian youth come up with creative ideas that will be developed into global giants.

Over seven thousand young men and women across the country, who applied to the program, have been taken through a well-structured business advisory programmme, out of which 1,300 were selected to benefit from the fund.

Speaking at the event on Tuesday, July 7, 2018, President Nana Addo Dankwa Akufo-Addo, said his government would do all within its power to create an entrepreneurial climate to enable the country's enterprises come up with and implement creative ideas and innovations that would expand their businesses into global giants.

The President said monies given to the young entrepreneurs, depending on the scale of business, would be payable with an interest rate of 10%, compared to the prevailing interest rate of 26%.

He said the privilege granted them should energize them to create over 30,000 Jobs as well as thousands of indirect jobs across the country.

President Akufo-Addo reiterated government's commitment to making Ghana, the most business-friendly environment in Africa, where businesses flourished and created 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 the abolition of nuisance taxes whose aim is to shift the focus of the economy from taxation to production,” the President emphasized.

President Akufo-Addo expressed the hope that the 1,300 beneficiaries — micro, small and medium enterprises — would help create, at least, 30,000 jobs and thousands of other indirect jobs.

He expressed concern about the dreary inability of the country to incubate business ideas and develop them into global giants, especially where the country abounded with many enterprising, creative and innovative youths in the country, adding that it was worthy that Government bucked the trend.

He reiterated his confidence in Ghana’s manifest destiny, and in the capacity of the Ghanaian to create a new, prosperous Ghanaian civilization that reflected the progressive values and culture, which had defined the Ghanaian over the years.

Source: ISD (Rex Mainoo Yeboah)

Created: 09 August 2018
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