During the ‘Forty under 40’ awards ceremony held at the Kempinski Hotel in Accra, Dr Ibrahim Awal Mohammed announced government’s plan through the Ministry of Business Development to make available GH¢200 million to small-scale businesses and start-ups next year.
According to him, small-scale businesses and start-ups will receive this financial aid to help in capacity building, as part of government’s commitment to reducing the unemployment rate.
“Within the next one year, government through the Ministry of Business Development is going to roll out a GH¢200 million support programme for start-ups and small businesses in the country to expand. This money will go into capacity building and funding for young, small businesses to grow. We know that small businesses and start-ups constitute about 82% of all businesses in this country and they contribute immensely to the economy. We therefore cannot miss an opportunity to help them,”
Dr Ibrahim Awal Mohammed said.
This announcement comes in support by the success of the government’s initiative to provide young entrepreneurs with funding ranging between GH¢10,000.00 to GH¢100,000.00 for their business growth.
In an interview monitored by Ghana Talks Business, Dr Ibrahim Awal Mohammed offered further insight into the initiative when he said “we are working together with some banks – to build their capacity and serve as seed funding. Part of the programme will involve attaching them to some established businesses within and outside the country and over the course of three years monitor their progress.”
He further urged young entrepreneurs to take charge and leverage on the opportunities that the African Continental Free Trade Agreement (AfCFTA) has to offer.
Forty under 40 awards
The Forty under 40 awards is designed to “identify, honour, and celebrate a cross-section of the nations most influential and accomplished young business leaders under the age of forty from a wide range of industries…who are committed to business growth, professional excellence and community service and have risen up the ranks of their companies or industries at a relatively young age.”
The categories cover a wide range of industries which include:
• Banking and Finance
• Theatre and Arts
• Technology, among others.
To be eligible for the award, candidates must
• be Ghanaian living and doing business in Ghana
• be under the age of 40 by event date
• an entrepreneur, CEO, Co-Founder, COO of a company