Government to introduce YouBanC initiative to support young people
The government will later this year launch the YouBanC initiative to ensure that young people are given the requisite support to develop and grow their business from inception.
The initiative forms part of the government’s tailored approach to solving Access to Finance Concerns.
Mr Ken Ofori-Atta, Minister of Finance speaking at the Accra edition of the Springboard-Ghana Cares Youth Dialogues, said the initiative would be introduced after the presentation of the 2022 budget.
The dialogue is on the theme: “Opportunities for Ghana’s youth under the Ghana-Cares Programme.”
The Minister said the government was trying to create an entrepreneurial State to develop the economy.
He said small beginnings were important in the development of entrepreneurial skills, urging young people to have a mind change concerning the way they perceive employment issues in the country.
Mr Ofori-Atta said research conducted among the NABCO personnel revealed that 98 per cent of the youth wanted jobs in the public sector but that would not be the way into the future.
The Minister said the issues of becoming an entrepreneur in Ghana needed to be pursued internationally, calling on the youth to get themselves familiar with the GhanaCares programme and the YouBanC initiatives.
Dr John Kumah, the Deputy Minister of Finance introducing the YouBanC initiative and the creation of one Million Jobs said through the initiative young applicants would be granted financial and technical support to start grow their business ideas.
He said the implementing arms of the YouBanC would be the Ghana Enterprises Agency (GEA) and the National Entrepreneurship and Innovation Programme (NEIP).
“Both institutions will collaborate to ensure entrepreneurs are provided sufficient support regardless of their location across the country,” he said.
He said the government would then work with institutions such as the venture capital trust fund and the commercial Banks to transition successful YouBanC beneficiaries from Small to Medium-sized enterprises.
Mr Kumah said this would be done through the injection of longer-term financial support to help expand the operations of fledgling entities and eventually, the bright and best would be moved onwards to the Development BANK Ghana for larger-scale financing.
“Applicants will be invited to apply for financial support through a dedicated YouBanC online portal or in any GEA or NEIP office,” he said.
Mrs Comfort Ocran, the Executive Director of the Springboard Road Show Foundation told the Ghana News Agency that the event was to create a platform for young people to directly interact with the Finance Minister and provide feedback on the government’s proposals for creating jobs and stimulating innovation under Ghana CARES Obaatanpa Programme.
“The ultimate objective is to create awareness among the youth about available opportunities and how they can take advantage of them,” she said.