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Efforts to support young entrepreneurs: Govt launches GH¢1m Presidential Pitch
The Ministry of Business Development yesterday launched this year’s Presidential Pitch aimed at providing startup capital for young entrepreneurs across the country.
The initiative, as part of government’s efforts to curb the high unemployment rate, will see 10 successful applicants pitch their business ideas before a jury in a final competition slated for July 1, 2020 to qualify for financial support.
This year, government has earmarked a GH¢1 million grant for successful applicants to realise their business ideas and improve livelihoods.
The Minister, Dr Mohammed Awal speaking at the launch of the project in Accra yesterday indicated that application processes were opened for candidates from 18 to 35 years.
“There is an eight-day window, which begins today, for applicants to put in their proposals. Applicants can log on to www.mobd.gov.gh to apply or walk to the Ministry to submit their bids.
It has to be just a simple idea, maybe a page or two, but it must be one that is innovative, feasible, scalable and has the potential to create jobs. We expect to receive about 1,000 applications.”
According to Dr Awal, about 460 jobs had been created in the last two editions of the project “and this year, we hope to create about 250 jobs more.”
The Minister submitted that the rationale behind the “Presidential pitch” is to build an entrepreneurial ecosystem where the Ghanaian youth would be able to generate ideas and be supported to achieve them.
He compared the country’s youthful population to that of other nationalities and the burning drive to venture into entrepreneurship in such countries unlike Ghana.
“Elsewhere about 80 per cent of graduates have their business ideas ready before completing school and they have systems to support them but here, only 10 per cent of our graduates want to venture into entrepreneurship; the rest compete for jobs in the public or private sectors which are already choked.”
Dr Awal said, government was poised to change the status quo by “building entrepreneurs out of our young people so that they are interested in owning their businesses instead of being employees.”
He urged young people to take advantage of the initiative and apply, stressing that “this is free, transparent and here for every youth.”
The Deputy Chief Executive Officer of the National Entrepreneurship and Innovation Plan (NEIP), Abigail Swad Laryea in a remark indicated that the initiative adopts strict monitoring mechanisms to ensure that business owners use funds for the intended purposes.
“So far, the previous winners are doing well. We require them to give us a report at least every six months to help us monitor progress of their businesses.
Currently our maiden winner has her products on the markets in most of the shopping centres and we are supporting her inaugurate her factory soon. The last winners are almost in the final stages of developing their ideas and we have been with them throughout,” she stated.
Ms Laryea pointed out that applicants who were unable to come out tops in the competition were also assisted to nurture their business ideas “so that they do not lose them.”
She encouraged interested persons who were unschooled to seek assistance from the Ministry to undergo the application processes and possibly qualify for the grand finale.
Source: Ghanaian Times
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GEXIM deepens relations with US EXIM Bank
A management team of the Ghana Export – Import Bank (GEXIM) led by the Acting Chief Executive, Sylvester Mensah met with the leadership of the Export–Import Bank of the United States (US EXIM) on Wednesday April 23, 2025 in Washington DC, United States of America.
The Acting President and Chairman of US EXIM, Mr. James C. Cruse and Vice President, International Relations, Ms. Isabel Galdiz received the GEXIM delegation, which included Deputy CEO for Banking, Mr. Moses Klu Mensah and Head of International Cooperation, Mr. Jonathan Christopher Koney at the headquarters of US EXIM.
The meeting offered the GEXIM team the opportunity to share the strategic direction of the Bank in line with the resetting agenda of the President of the Republic, His Excellency John Dramani Mahama for the repositioning of the Ghanaian economy into an export-led one by providing the requisite investment to Ghanaian businesses.
Mr. James C. Cruse expressed US EXIM’s eagerness to deepen its existing relations with GEXIM and proposed the signing of a new Cooperative Framework Agreement following the expiration of a Memorandum of Understanding signed in 2019 to utilize US EXIM’s medium term loan guarantees to procure machinery by GEXIM for qualified Ghanaian Small and Medium-sized Enterprises (SMEs).
Mr.Sylvester Mensah thanked the Acting President and Chairman of US EXIM for hosting the GEXIM delegation and reaffirmed the Ghanaian government’s commitment to strengthening trade and investment between Ghana and its global partners for economic transformation of Ghana with GEXIM playing a pivotal role.
The two teams will be meeting on the sidelines of the 2025 US EXIM Annual Conference on 29th and April 30, 2025 to explore possible areas of collaboration and matching Ghanaian businesses to American companies. The meeting ended with an exchange of gifts.
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Many SOEs have been used as mere instruments for personal wealth accumulation –Pres.Mahama
President John Dramani Mahama has expressed concern over the misuse of State-Owned Enterprises (SOEs) for personal financial gain by individuals in leadership positions.
Speaking during a meeting with Chief Executives of specified entities under the State Interest and Governance Authority (SIGA) on Thursday, March 13, the President directly attributed the dire state of SOEs to their leadership, accusing chief executives, management teams, and governing boards of prioritising personal enrichment over organisational efficiency.
He pointed to bloated budgets, unjustified allowances, and unnecessary expenditures as factors draining public funds while SOEs continue to rely on government bailouts.
“Many SOEs have been used as mere instruments for personal wealth accumulation by appointees. The chief executives, management, and boards of these enterprises are responsible for this situation. Some SOEs have become perennial loss-makers, draining public funds with bloated budgets, unjustified allowances, and unnecessary expenditures while relying on government bailouts as if entitled to them. Many of these entities are at their lowest point in the entire history of the Fourth Republic,” he said.
President Mahama further noted that many SOEs have been plagued by inefficiencies, corruption, and mismanagement, leading to consistent financial losses. He cited the 2023 State Ownership Report by the State Interests and Governance Authority (SIGA), which highlighted systemic inefficiencies and wasteful expenditures within these entities.
He therefore reaffirmed his commitment to reforming under-performing SOEs and ensuring they serve national interests.
He warned that loss-making SOEs will no longer be tolerated and will either be merged, privatised, or closed.
“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside. If that adds to the horror movie, so be it,” he added.
Source: Myjoyonline.com
