Ken Ofori-Atta Announces Government’s Plan to Secure $150 Million for YouStart Initiative to Accelerate Implementation in 2024
Finance Minister, Ken Ofori-Atta presenting the 2024 Budget statement has revealed that all is set for the implementation of the YouStart initiative in 2024.
He said the government is working with partners including the World Bank, to secure financing worth US$150million to aid the implementation.
He further added that government will commit GHȼ200 million to ensure that more young persons are supported into entrepreneurship.
“All is set to accelerate the implementation of YouStart in the 2024. We are working with our partners, the World Bank, to secure a financing worth US$150million. On our own, we are committing GHȼ200 million to ensure that more young persons are supported into entrepreneurship,” he said.
He said as of October, 2023, a total of 23,695 beneficiaries comprising 5,183 males and 18,512 females had completed the Basic Level training by the Ghana Enterprises Agency (GEA) under the YouStart Jobs and Skills project.
“Out of this number, 7,975 comprising 2,474 males and 5,501 females progressed and completed the Intermediate Level training, with 4,514 beneficiaries comprising 1,679 males and 2,835 females also progressing to the Advance Level.
“GEA has commenced disbursement of grants to beneficiaries who have completed the Intermediate and Advanced Levels. Evaluation of the grant proposals is currently ongoing. It is expected that at least 5,000 of the 1st batch of beneficiaries would be supported with startup grants.
“The National Entrepreneurship & Innovation Programme (NEIP) has also trained a total of 2,000 beneficiaries under the Government of Ghana sponsored YouStart DEP,” he said.
Government launched YouStart programme last year, as part of its agenda to build an entrepreneurial nation by providing training, competitive funding, access to market and technology to our youth.
This is to cause a cultural shift and guide your teeming youth into entrepreneurship by assisting them start, build and grow their own businesses.
The initiative is a direct response to the employment challenge facing our country.