According to John Kumah, the deputy minister of finance, the Akufo-Addo administration is dedicated to finding innovative and long-term solutions to end Ghana’s unemployment problem.
The effectiveness of the government’s effort to reduce unemployment depends on innovative strategies like the YouStart program.
Eleven financial institutions formally signed the Commercial Component on September 20, 2022.
This implies that loans of between GHC 100,000 and GHC 500,000 would be made available by these partner banks under the YouStart commercial initiative at significantly lower interest rates, Mr. Kumah stated.
To achieve our goal of empowering a large number of young Ghanaians to become business owners and creators and to generate one million new jobs, we will not require collateral from our borrowers and will provide training and technical assistance to young entrepreneurs’ businesses over the next two to three years.
“This is unprecedented and a commitment by this government to end unemployment in Ghana through innovative and sustainable means.
“The banks are responsible for their own assessment, disbursement and recovery of their loans with no Government interference,” the Ejisu Member of Parliament said