G2billion grants for YouStart beneficiaries

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November 13, 2024
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The second phase of the YouStart Ghana Jobs and Skills Project has officially commenced, with a grand grant signing ceremony held yesterday at the Accra International Conference Centre.

Delivering the keynote address, Mrs Kosi Yankey-Ayeh, Chief Executive Officer of the Ghana Enterprises Agency (GEA), said the project aimed to significantly boost youth entrepreneurship and job creation in the country.

She mentioned that over 4,000 young entrepreneurs from across the nation had been awarded grants. She stressed that the event signified a critical advancement in the government’s strategic response to youth unemployment and its commitment to nurturing entrepreneurship as a linchpin for economic development.

According to her, this phase of the YouStart initiative will provide crucial financial support and tailored mentorship, creating an ecosystem conducive to the growth and sustainability of youth-led businesses.

Mrs. Yankey-Ayeh underscored the project’s transformative potential. “It is with great pleasure and a deep sense of responsibility that I stand before you today to mark a significant milestone in our collective effort to empower the youth of Ghana and nurture their entrepreneurial aspirations,” Mrs. Yankey-Ayeh remarked.

“Today’s ceremony goes beyond the formal signing of grant agreements; it represents a powerful commitment to the future of our country, built upon the dreams and determination of our young entrepreneurs,” she added.

She explained that the initiative, which would disburse GHC 51,866,369.31 in grants to 4,174 beneficiaries, encompassed a holistic support system for aspiring entrepreneurs.

She added that the funds would help launch and scale businesses, while comprehensive mentorship in business management, financial literacy, digital marketing, and market expansion would empower recipients to drive meaningful economic impact.

In the Greater Accra Region, 691 young entrepreneurs will receive grants totaling GHC 8,695,802.08. The Central Region will see 522 beneficiaries supported with GHC 6,409,205.18, while 550 recipients in the Eastern Region will share GHC 6,782,639.14. The North East Region has 112 grant recipients, with a total allocation of GHC 1,307,603.00, and in the Ashanti Region, 616 beneficiaries will receive GHC 7,580,795.52.

The Upper East Region will see 196 young entrepreneurs benefiting from GHC 2,337,600.28, and the Savanna Region has 90 recipients who will receive GHC 1,082,532.00. In the Northern Region, 364 beneficiaries will share GHC 4,327,532.00, while the Western Region’s 180 recipients will be granted GHC 2,379,872.00. The Ahafo Region has 61 beneficiaries, receiving GHC 773,257.00.

In the Upper West Region, 118 recipients will receive GHC 1,357,058.00, and the Oti Region will support 69 beneficiaries with GHC 867,186.00. The Volta Region’s 137 young entrepreneurs will receive GHC 1,853,271.11, while the Bono Region’s 179 beneficiaries will share GHC 2,266,819.00. In the Western North Region, 137 recipients will be awarded GHC 1,800,208.00, and finally, the Bono East Region will provide grants totaling GHC 2,044,989.00 to 151 beneficiaries.

She noted that these strategic allocation of grants would ensure a broad geographic impact, with young entrepreneurs from all regions set to benefit.

Mrs. Yankey-Ayeh touched on the comprehensive nature of the support provided: “These grants symbolize the Government of Ghana’s unwavering belief in the potential of our youth to drive innovation, create jobs, and contribute to the sustainable development of our nation. The support extends beyond finances to encompass skills training and mentorship, ensuring that beneficiaries are well-equipped to succeed.”

Mrs. Frema Osei-Opare, Chief of Staff, said: “The youth represent our most valuable resource. They bring energy, creativity, and innovation—qualities essential for our economy to flourish in today’s rapidly changing world”.

She noted that by investing in Ghana’s young people, it would ultimately lead to the future investment of the country.

Mrs. Osei-Opare urged grant recipients to maximize the opportunities presented. “The funds provided are a powerful tool in your hands, and it is up to you to wield them wisely. With these resources, think not only of what you can achieve for yourself but also of how you can create opportunities for others,” she advised.

She emphasized the transformative potential of the initiative. “I am confident that the knowledge and skills gained through this programme, coupled with the financial support provided, will equip you to become the future leaders of our economy. We look forward to seeing your businesses thrive and contribute to the sustainable development of our great nation,” she added.

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December 3, 2024
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2 minutes Read

IMF approves $360m for Ghana after third review

The Executive Board of the International Monetary Fund (IMF) has approved the disbursement of $360 million to Ghana under its $3 billion Extended Credit Facility (ECF).

This follows the successful completion of Ghana’s third review under the program, as announced on Monday, December 2, 2024.

The latest disbursement brings Ghana’s total receipts from the ECF to $1.92 billion. The funds are expected to be credited to the Bank of Ghana by the end of the week.

“Ghana’s performance under the program has been generally satisfactory, and reform efforts are paying off. Good progress has been made on debt restructuring. Growth is recovering rapidly, inflation has declined—although at a slower pace, and the fiscal and external positions have continued to improve”, the IMF said in a release.

The statement added that the “Ghanaian authorities have continued to make remarkable headways on their public debt restructuring. After successfully restructuring domestic debt last year and reaching an agreement on a Memorandum of Understanding with Ghana’s Official Creditors Committee (OCC) under the G20 Common Framework in June 2024, the government has completed the exchange of its Eurobonds at conditions consistent with program parameters.

“The authorities have also intensified engagement with their remaining external commercial creditors on a restructuring in line with program parameters and comparability of treatment.

“The Bank of Ghana (BoG) has maintained a prudent monetary policy stance to sustain a continued reduction in inflation against heightened risks and has taken important steps to rebuild international reserves.

“The BoG has also appropriately strengthened measures to buttress financial sector stability by intensifying actions to promote timely recapitalization and steps to sustain the viability of banks. The government has started recapitalizing state-owned banks consistent with available resources.”

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November 27, 2024
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3 minutes Read

DBG, AGI collaborate to revitalise Ghana’s textiles and garments industry

Development Bank Ghana (DBG) has signed a Memorandum of Understanding (MoU) with the Association of Ghana Industries (AGI) as part of its mandate to accelerate the growth of key sectors of Ghana’s economy.

The collaboration aims to strengthen the textiles and garments industry by supporting local businesses to scale production, improve competitiveness, and create jobs.

Per the agreement, DBG will partner with AGI to implement a three-year initiative that provides technical support, financial resources, and market development assistance to selected textile, garment, and fintech companies.

The initiative will help address key industry challenges, such as high production costs, limited skilled labour, and access to long-term financing.

Speaking at the signing ceremony, the Chief Executive Officer of DBG, Kwamina Bentsi Enchill Duker, said the commitment of his outfit towards the textiles and garments industry aligns with our strategic focus on manufacturing as a priority sector for development.

“This collaboration with AGI provides an opportunity to support the sector’s growth, leveraging global trade opportunities such as AfCFTA and AGOA. Our combined efforts will help local businesses overcome barriers, increase production capacity, and tap into new markets, ultimately strengthening Ghana’s economy,” he added.

He announced that DBG will invest an initial GHC566,200.00 in dedicated financial support to AGI to execute a range of activities during the program.

These activities include identifying at least three investable projects within the textile and apparel value chain, technical assistance, market development, capacity-building sessions, and regular monitoring and evaluation to assess the intervention’s impact.

Mr Kwamina Duker further announced that DBG, in collaboration with Partner Financial Institutions (PFIs) and Development Partners (DPs) aims to invest at least GHC100 million annually through long-term financing over the next three years in Ghana’s textile and garments industry.

Additionally, through its Guarantee subsidiary, DBG Guarantee (DBGG), DBG seeks to catalyse and unlock significant financing for the sector by providing partial credit guarantees, enabling businesses to invest in growth and expand their operations.

In his address, Dr. Humphrey Kwesi Ayim Darke, President of AGI, intimated that by facilitating access to funding and critical technical resources, DBG is addressing the unique challenges faced by local textile and garment companies.

“This partnership will empower businesses to improve their operational efficiency, create jobs, and gain access to both local and international markets,” he said.

Also speaking at the event, Prof. Eric Osei-Assibey, Chief Economist Designate at DBG, said the textile and garment sector has immense potential to contribute significantly to Ghana’s economic growth.

“Through this partnership with AGI, DBG is committed to bridging the financial and technical gaps that have hindered the sector’s growth,” he said.

He further pointed out that the industry has opportunities to transition towards sustainable manufacturing and circularity, particularly in recycling textile waste and adopting eco-friendly production practices.

“Therefore, emphasis will be placed on integrating sustainable practices, ensuring that the sector grows responsibly and contributes to environmental preservation,” Prof.Osei-Assibey said.

The programme is expected to enhance beneficiary companies’ competitiveness and operational efficiency, drive job creation and economic empowerment within the textile and garment sector and expand market linkages, boosting Ghana’s export potential.

The partnership between DBG and AGI is a vital step towards revitalising the textiles and garments industry, paving the way for long-term economic growth and sustainability.

Source: myjoyonline.com