President Akufo Addo has reiterated his administration’s resolve to sustain the growth of the private sector.
According to him, the government is putting in place `measures to support local businesses in the country.
President Akufo-Addo was speaking at the first Presidential Business Support Program at the Jubilee House in Accra.
“I want to assure the Ghanaian people and the business community that my government will continue to work towards the creation of a conducive environment for the private sector to thrive”.
The Presidential Business Support Program seeks to give young entrepreneurs startup capital ranging from Ghc10, 000 to Ghc100, 000 to enable them to boost their business ventures.
It is also expected that the program creates 30, 000 direct jobs after a year of implementation.
So far, a total of 1,350 entrepreneurs out of 7,000 applicants have been awarded the grants.
The President further mentioned that all key economic indicators portray a healthy outlook for Ghana’s economy.
“Our macro-economic indices point to the revitalization and growth of the economy”, he added.
The President’s Business Support Program
The initiative is a government’s flagship policy National Entrepreneurship and Innovation Plan (NEIP) under the auspices of the Ministry of Business Development.
Its primary objective is to provide integrated national support for start-ups and small businesses.
NEIP primarily focuses on providing business development services; startup incubators and funding for young businesses to enable them to grow and become successful.
NEIP is therefore set within the context of Ghana’s long-term strategic vision of consolidating its middle-income status, building an industry-driven economy capable of providing decent jobs that are suitable and sustainable for development.
Currently, the initiative runs four modules. They include;
Module 1: NEIP Incubation & Acceleration Programme; it seeks to provide subsidized workspace for young entrepreneurs which will be resourced with business development facilities, meeting rooms, conference rooms, shared office space and other related services.
Module 2: NEIP Business Competition & Business Support Programme; a national early-stage business competition through which candidates will be selected for admission into the incubator hubs and receive funding on set criteria.
Module 3: NEIP Industrialization Plan; under this module, there will be a provision of subsidized Industrial/ Machining workshops for young entrepreneurs to develop prototypes and or produce to fill orders.
Module 4: NEIP Fund; this fund is a privately managed fund but under the supervision and management of NEIP and the Ministry for Business Development. The capital under this fund is to be raised through Government support, grants for International agencies and from the private sector.