The Ministry of Business Development has launched a Presidential Pitch competition to support young entrepreneurs below the age of 35 years with between tGHS10,000 and GHS50,000.
This, the ministry said is to be given to 10 young people with innovative ideas across the ten regions of the country.
“Young Ghanaians who are 35 years and below with a brilliant business idea but do not have money to implement that business idea, will have to apply to this ministry and also there will be a panel that will assess their capability and then give them the funding” the Minister for Business Development, Ibrahim Awal Mohammed said.
He explained that the fund which is a loan to be given to the 10 best applicants is to be paid back after three years with no interest.
“We intend to give up to GHS50,000 per applicant depending on the scope of business. We all know that young people do not have access to bank loans because they do not have a collateral that is why the president finds it fit that he sets up this entrepreneurship program,” he explained.
Briefing the press on the development, Ibrahim Awal said he is hopeful the support will aid the country to reduce the unemployment rate among the youth.
The Presidential Pitch is a project designed to offer young Ghanaian Entrepreneurs below 35 years the opportunity to market their business ideas and to get financial assistance to implement such ideas.
The project according to the minister is also part of the president’s commitment to support young entrepreneurs to incubate their business ideas and improve livelihoods.
Mr. Ibrahim Awal assured that the program will be held every year but will expand next year to support not less than 50 young persons.
He added that to qualify, the people must exhibit some skills such as be innovative and scalable to show how determined and deserving they are to receive the fund.
“If you are a young person, 35 years and below and you have a business idea, please apply and come and pitch before a panel of judges who determine how suitable your business idea is for funding. The idea must be feasible, doable, scalable and innovative” he clarified.
The program he disclosed is a private sector support program which is being supported by Bank of Africa, Zenith Bank, GOIL, Interplast and Conservatories Africana, manufacturers of GINO products.