Ghana’s Minister of Business Development, Dr Ibrahim Mohammed Awal said the government has set aside about $100 million to support entrepreneurs in the country.
Speaking at the launch of the Tertiary Business Competition, Mohammed Awal explained that the aim is to help potential entrepreneurs start their business without financial difficulties.
“We want to make young people know that when you have a business idea, the government is willing to support you. In 2017 government devoted 10 million dollars to support startups but this year the amount is being leveraged to 100 million dollars and we will send it to support 3000 startups to scale up.”
In Ghana, one of the major challenges young entrepreneurs face is the lack of funds to even get the business starting.
Despite the financial challenges some face, some Ghanaian entrepreneurs have managed to start their dream businesses while others haven’t.
The lack of funds has also caused some entrepreneurs to start small and has also prevented some Ghanaian businesses from going global and employing a lot more people.
Meanwhile, the high unemployment rate in the country is a major challenge to the government. The government has often indicated that it will do all it can to help address the rising unemployment rate.
One of the ways the government is doing this is to help startups by giving them funds to start their dream business.
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