Ghana’s Akufo-Addo launches US$10 million national plan for startups

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Ghanaian President Nana Akufo-Addo on Thursday launched the national entrepreneurship and innovations plan with seed money of 10 million US dollars.

The plan is a flagship initiative by the government to serve as the primary vehicle for providing an integrated national support for startups and small businesses.

Its overall objective is to stimulate private sector growth at the early stages of businesses to accelerate job creation and to provide enterprising Ghanaian youth with critical alternatives to grow their businesses.

President Akufo-Addo said the plan would enable new businesses to emerge and give them the space to grow to receive financial and business development services to secure markets during the difficult formative years.

It will also help them to tap into a wide supply chain and network during their growth years and create jobs at a widely distributed national level.

“I am confident that this plan will be made to work to provide young people with what it promises,” he said, adding that it was the intention that the seed money should be leveraged to raise money from private sources and public organizations to the tune of 100 million dollars to fund its program.

In Ghana, micro, small, and medium-scale enterprises contribute about 70 percent of to the nation’s GDP, and account for more than 92 percent of enterprises. Enditem

Source: Xinhua/NewsGhana.com.gh

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