The government has launched the third phase of the Presidential Business Support Programme (PBSP) to provide funding for young entrepreneurs.
The government will train 26,000 young entrepreneurs across the country under the third phase.
“We are going to build the capacity of 26,000 Ghanaian start-ups and small businesses, out of which we will select 5,000 of them to receive funding of about GHS50 million to boost their businesses so that they can create jobs,” the Minister of Business Development, Dr Ibrahim Mohammed Awal said.
He said the PBSP was a necessary intervention by President Nana Addo Dankwa Akufo-Addo to create the right ecosystem for entrepreneurship in the country.
“About 60 per cent of Ghanaians are below the age of 30, and although most of them have good ideas, they don’t have money or the collateral to go to banks for loans, so the President decided to launch this programme to train them and give them funding to start their businesses or scale them up,” he said.
The loans would be given at a 10 per cent interest to beneficiaries who successfully completed the training programme.
Beneficiaries would receive a minimum of GHS5,000 in soft loans and a maximum of GHS50,000, unlike in the first and second phases of the programme when the beneficiaries received GHS10,000.