President Nana Akufo-Addo has announced that government has setup a 100 million dollar package to fund the National Entrepreneurship and Innovation Plan (NEIP).
The initiative is aimed at supporting young entrepreneurs to grow their businesses.
Speaking at the launch of the plan, President Akufo-Akufo said his major priority is to address the issue of unemployment in the country.
Outlining four main challenges to be solved by the NEIP, the president stated that “the overall objective of this plan is to stimulate private sector growth to accelerate job creation and to provide entrepreneurial Ghanaian youth with a critical alternative to salaried appointment”.
He added that the objective is also “to raise money from private sources and public organization to the tune of 100 million US dollars to fund this programme”.
He explained that the NEIP will provide tax incentives for startups and entrepreneurs to commence and expand their operations.
“The plan will also incentivize and partner private sector investors to set up business incubator hubs and industrial packs, [and] establish a new enterprise fund to attract private partnership nationally,” he said.
“It will also provide a ready market for the products and services of start-ups through the reservation of the percentage of the proposed 70 percent of local content public procurement contract,” he added.
President Akufo-Addo observed that creating a conducive environment for the youth to establish their businesses is critical to the growth of the country.
He pointed out that the private sector is key to the agenda of the government, hence all needed efforts will be made available to support the youth.
By Lawrence Segbefia/Sammi Wiafe/citibusinessnews.com