YouStart to increase SME portfolio up to GH¢5 billion
People are suffering, MP Tamale North
Member of Parliament for Tamale North, Alhassan Suhuyini has noted that the worsening state of unemployment in the country can be likened to Ghana’s pro-independence levels.
According to him, this is due to the government’s inability to institute proper mechanisms that will help solve the menace.
He spoke in an interview on TV3.
“The unemployment situation which by the way has increased in the last five years from about 5 to almost 19 percent as we speak, is close to the pre-independence unemployment rate.
“That tells you that we are really in difficult times and the responses that we have been given over the years to the unemployment problem are not yielding the results that we all desire,” he said.
Meanwhile, government stated in the 2022 budget that it will create 1million jobs will be created through its flagship YouStart program.
Finance Minister Ken Ofori Atta said, “The understanding of the youth employment challenge, as well as extensive consultations with stakeholders including youth associations and educational institutions across the country, have led to the development of the YouStart initiative which proposes to use GH¢1 billion each year to catalyze an ecosystem to create 1 million jobs and in partnership with the Finance Institutions and Development Partners, raise another 2 Billion Cedis.”
“In addition, our local Banks have agreed to a package that will result in increasing their SME portfolio up to GHC 5 billion over the next 3 years. This, Mr. Speaker, results in an unprecedented historic 10 Bn Cedis commitment to the private sector and YouStart over the next 3 years.
“Mr. Speaker, YouStart is a vehicle for supporting young entrepreneurs to gain access to capital, training, technical skills, and mentoring to enable them to launch and operate their own businesses.
“Mr. Speaker, the Ghana Enterprises Agency (GEA), the National Entrepreneurship and Innovation Programme (NEIP), and partner financial institutions, will serve as the implementing arms of YouStart. Entrepreneurs will be able to apply for support through a dedicated YouStart online portal. NEIP will also engage our Faith-Based Organisations as partners for the delivery of essential artisanal skills, business competitions, feasibility studies, and introduction to financing institutions with a commitment of up to 10% of GOG contribution to the YouStart Programme.”
Alhassan Suhuyini, MP Tamale North