YouthBanC initiative to provide financing support for young businesses – Ofori-Atta

• Government is set to launch a financing youth-led initiative

• It is expected to create jobs for the youth and boost entrepreneurship

• Ghana has been saddled with a youth employment problem for years

Government through the Ministry of Finance is set to provide support for businesses of Ghanaian youths through its YouthBanC initiative.

The youth-focused initiative, according to the Minister of Finance, Ken Ofori-Atta will see the provision of requisite financial and technical assistance for businesses to develop and grow at an early stage.

Speaking at the 2021 Springboard Youth Dialogue in Accra, Ken Ofori-Atta explained, “Through this Initiative, Young Applicants between the ages of 18-35 will be granted financial and technical support to start or grow their Business Ideas,”

He added that the initiative seeks to address financing issues that often hinder young people from venturing into entrepreneurship.

Meanwhile, beneficiaries of the YouthBanC initiative after accessing financing options will be enough accosted time to pay back the funding as their businesses develop.

According to the government, student entrepreneurs who successfully apply for the programme will be granted the opportunity to undergo their national service at their own established companies after graduation.

The move, government explained is geared towards encouraging student entrepreneurship while in school.

While delivering the 2021 mid-year budget statement in July this year, Finance Minister, Ken Ofori-Atta announced plans by the government to establish the YouthBanc initiative.

“Mr. Speaker, the Enterprise and Youth Support Fund, which aligns with Government’s overall strategy of developing a competitive and viable private sector economy, will Set up a ‘Youth Banc’ with the aim of financing youth-led start-up businesses across the country,” Ken Ofori-Atta said.

The Finance Minister continued, “As part of this initiative, an online investment hub will be established for youth across the country to access information for the purpose of establishing businesses.

“Under this initiative, it is estimated that over 100,000 jobs will be created,” he added.