I’II establish a $10 million fund for graduates to create businesses-Akpaloo

The Founder and leader of the Liberal Party of Ghana (LPG), Mr. Percival Kofi Akpaloo, has hinted of plans to establish a fund that would help graduates establish their own businesses.

The aspiring president told Rainbow Radio’s Kwabena Agyapong that under his leadership, graduate unemployment will be a thing if the past.

He said the establishment of the $10 million job fund will help cut down the unemployment rate.

”Any university graduate with an intention to establish a business can apply for a loan from the fund to establish their business,” he said.

He was optimistic about winning the 2020 polls.

He indicated the rate of unemployment has been a major challenge for many governments due to their inability to initiate policies to eradicate it.

Former President John Dramani Mahama in 2014 launched the Entrepreneurship Support Fund as part of Ghana’s activities to mark the International Youth Day.

The Fund was to assist young entrepreneurs with bright but struggling businesses in need of capital to run their business.

About 85 percent of the world’s population of youth live in developing countries.

Nearly half (45.9 percent) live in low-income countries, while another third (34.1 percent) live in lower middle-income countries. The remaining fifth (20 percent) of youth live in upper middle- and high-income countries.

The President of the Republic, Nana Addo Dankwa Akufo-Addo, on Thursday, July 13, 2017, launched the National Entrepreneurship and Innovations Plan (NEIP), his government’s flagship initiative, which will be the primary vehicle for providing an integrated, national support for start-ups and small businesses.

The plan was initiated to enable new businesses to emerge and give them the space to grow, to receive financing and business development services, to secure markets during the critical formative years, and to tap into a wide supply chain and network during their growth years, helping to create jobs at a widely distributed, national level.

He contributed US$10 million as seed money for the Plan.

“It is the intention that this seed money should be leveraged to raise money from private sources and public organisations to the tune of US$100 million to fund its programmes,” President Akufo-Addo added.

The overall objective of this Plan, the President added, is to stimulate private sector growth at the early-stages of businesses, to accelerate job creation and to provide entrepreneurial Ghanaian youth with a critical alternative to salaried employment.

We’ve created more jobs

The Ministry of Business Development has said 4,000 jobs have been created from the Presidential Business Support Programme.

The Sector Minister, Dr Ibrahim Mohammed Awal said this when he took his turn Tuesday, August 13, 2019 at the Meet the Press series.

According to him, the government was planning to introduce a policy guideline on entrepreneurship and stated that: “The overall goal of the policy is to support economic growth through the development of entrepreneurship and innovative programmes that create more jobs, generate more income, and help to reduce poverty”

He said the policy also aims to create and strengthen an entrepreneurial environment.

Dr Awal said his ministry has spearheaded about 4,750 jobs created under the ‘Capacity-Building for Young Entrepreneurs and Start-ups’ programme.

By: Rashid Obodai Provencal

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