The Ministry of Business Development has embarked on a project to provide young entrepreneurs with the needed platform to pitch their business ideas and receive some capital funding.
The project dubbed; ‘’The Presidential Pitch’’ will require young Ghanaian entrepreneurs between the ages of 18 and 35 years to apply for the initiative and pitch their business ideas to a selected panel of judges.
Depending on the scope of business ideas that are pitched, between GHS10,000 and GHS50,000 will be advanced to each applicant that qualifies.
Some 20 applicants will be shortlisted after a series of pitches and then narrowed down to 10, after which access to the capital funding is granted upon qualification.
The Minister for Business Development, Dr Ibrahim Awal made the announcement during a press launch of the ‘’Presidential Pitch’’ in Accra, May 15.
The capital funding will be an interest-free loan to be paid after three years.
Awal disclosed that GHS60 million will be dedicated this year to enhance and equip entrepreneurs with their business modules and activities.
He said the initiative, which is in line with the President’s agenda of creating jobs through youth entrepreneurship programmes, seeks to resolve the unemployment challenge.
‘’About 120,000 young people complete their tertiary education, out of only 10,000 are absorbed by the public sector for jobs, leaving some 110,000 to find jobs for themselves,’’ the Minister stressed.
Awal revealed that in addition to the capital funding for qualified entrepreneurs, the initiative will offer business advisory services to further enhance and equip entrepreneurs with the needed guidelines to run a successful business.
‘’We are not just offering them financial support but also providing them with mentorships for the next three years that will educate them in terms of marketing their business, branding, access to finance, and social capital, amongst others,’’ he explained.
‘’The mentors will guide them through all the processes and turbulences of running, sustaining, maintaining and evolving a business,’’ he added.
The Minister said government will continue to implement initiatives that will help create an enabling business environment and economy for entrepreneurs to thrive and set up more businesses.
Applicants must submit their applications to http://mobd.gov.gh/presidential-pitch/.
Application period runs from May 15 to May 30, 2018.
By Mawuli Y. Ahorlumegah