The Deputy Finance Minister, Dr. John Kumah, has announced that the Nation Builders’ Corps (NABCo) would be incorporated into the YouStart initiative which is set to be implemented in Ghana on the 1st of July 2022.
Also, according to Madam Freda Akosua Prempeh, the YouStart initiative will help NABCO Trainees secure long-term employment through the mass entrepreneurship policy.
What You Need To Know About YouStart
YouStart is an initiative said to lead to more jobs in the country. With this Initiative, Ghana may end its unemployment problem.
Trainees who are about to leave the NABCO scheme but have an interest in starting their own business can benefit greatly from a more focused approach and encouragement to do so through YouStart.
With the implementation of the NABCo YouStart Initiative, 1 million jobs will be created. In order to alleviate the country’s youth unemployment problem, the government seeks to put appropriate measures in place to create 300,000 new business owners.
This accounts for 30% of the unemployed workforce in the country. These entrepreneurs can then help out by employing other people.
NABCo YouStart Implementation
According to Dr. John Kumah, The banking sector believes that the government is aiming to create a more entrepreneurial nation by encouraging young people to start their own businesses.
As well, they’ve come to the conclusion that this is a positive development, and the government intends to flourish alongside the private sector.
As part of the YouStart initiative, the Ghanaian government has teamed up with a group/partnership of nine banks to provide loans to existing youth-owned businesses.
The partner banks will help current youth-led enterprises with between GH100,000 working capital and GH500,000 for individuals who need capital expenditure to launch their own businesses.
Participating Banks Under The Initiative
According to the president of the Ghana Association of Bankers, the participating banks are as follows;
- GCB Bank Ltd
- Consolidated Bank Ghana (CBG)
- Access Bank
- Absa Bank
- FBN Bank
- Fidelity Bank
- Ecobank and Bank of Africa
When Will The YouStart Application begin?
The NABCo YouStart Application Portal is scheduled to go live in July.
The YouStart Application Portal will be activated after the Youstart Ghana Initiative is officially launched and announced on the appropriate media channels.