The government of Ghana has setup a 100 million dollar package to fund the National Entrepreneurship and Innovation Plan (NEIP).
This was announced by President Nana Akufo-Addo at the launch of the plan.
The president said his main objective as president is create jobs for the growing unemployed youth.
President Akufo-Addo said NEIP will solve four main challenges.
“The overall objective of this plan is to stimulate private sector growth to accelerate job creation and to provide entrepreneurial Ghanaian youth with a critical alternative to salaried appointment.”
He added that the objective is also “to raise money from private sources and public organization to the tune of 100 million US dollars to fund this programme”.
He further revealed that the NEIP will give tax incentives for start-ups and entrepreneurs to help them begin and expand their operations.
“The plan will also incentivize and partner private sector investors to set up business incubator hubs and industrial parks, [and] establish a new enterprise fund to attract private partnership nationally.”
“It will also provide a ready market for the products and services of start-ups through the reservation of the percentage of the proposed 70 percent of local content public procurement contract,” he added.
President Akufo-Addo was optimistic that a conducive environment for start-ups will ensure more people are employed and subsequently bring about growth in the economy.
The NEIP initiative is aimed at supporting young entrepreneurs to grow their businesses.