The Chief Executive Officer of National Entrepreneurship and Innovations Plan (NEIP), lawyer John Kumah has lavished praise on President Nana Addo Dankwa Akufo-Addo for his commitment towards the support for businesses owned by young people.
Mr. Kumah stated that it is the desire of the president to support private owned businesses and as part of that commitment, the president in 2017, allocated an amount of GH¢10 million for NEIP to allow it support businesses.
He was explaining the rationale behind the Presidential Business Support Programme, which has seen some 1, 350 beneficiaries receive seed capital for their businesses.
In an interview with Kwame Afrifa–Mensah on Happy FM‘s ‘EPA HOA DABEN’, the youngest CEO, who has been described as a hardworking personality posited that, one thousand, three hundred and fifty (1,350) businesses, from all ten regions of the country, are the first beneficiaries of the Presidential Business Support Programme, an initiative of the Akufo-Addo led Government.
Each of the 1,350 beneficiaries are to receive, from the Ministry of Business Development, continuous training and capacity building, mentorship and business advisory services, free accounting services, access to business networking opportunities, and, seed capital ranging from GH¢10,000 to GH¢100,000 each.
According to him, a total of 7, 000 small and medium sized businesses applied for the support under the programme. The beneficiaries he further explained have a period of three years to pay back the money with a 10 percent interest per annum.”
“It is not free money. The beneficiaries received between GH¢10, 000 to GH¢100, 000 based on the size of their businesses and what they can do with the money,’’ he added.
Meanwhile, lawyer Kumah has given the assurance that, those who were not selected would have the opportunity when the next window is opened for applications. Other interested businesses who could not apply for the first round could also visit the official website of NEIP (www.neip.gov.gh) to apply.
The beneficiaries are expected to create some thirty thousand (30,000) direct jobs within the next year, and several thousands of indirect jobs. On who qualifies for the support, he said, “every Ghanaian with a business idea is qualified for the support. When you apply, you will undergo a training facilitated by professionals to give you the needed support on best you can establish a business, make profits and sustain it.’’
President Nana Akufo-Addo on Tuesday, presented seed capital to 1, 350 small and medium scale businesses under the Presidential Business Support Programme.
The president in his speech said, he was “encouraged by the numbers of young Ghanaians wanting to start their own businesses.’’ He added that all the 7,000 businesses underwent a well-structured training programme to build their managerial capacities for their various ventures, with the training programmes conducted in fifty (50) private incubation hubs across the country.
The successful 1,350 winners, according to President Akufo-Addo, were competitively selected upon the recommendations of the private incubation hubs in a transparent, efficient and equitable manner.