UG launches $100,000 entrepreneurship programme to reduce unemployment
A $100,000 entrepreneurial and start-up initiative, known as the University of Ghana Innovation and Entrepreneurship Programme (UGIEP) has been launched by the University of Ghana in Accra on Friday, August 6.
The programme is aimed at ensuring that graduates of the university are equipped with knowledge and skills that would make them independent of white colour jobs, and ultimately, contribute to reducing the unemployment canker in the country.
The non-academic programme, which is being implemented in partnership with the Global Entrepreneurship Network, Ghana (GEN-G) would provide funding and coaching to students and young entrepreneurs.
UGIEP is under the auspices of the Vice Chancellor’s Office, and seeks to foster entrepreneurship and innovation, by developing knowledge and capabilities, necessary to create and grow products and services that would add social and economic value to society.
Speaking at the launch of the programme, the Vice-President, Mahamudu Bawumia, noted that the pillars of the UGEIP, which are empowerment, leverage and value creation were in line with government’s strategic focus for the economy and human capital development in this COVID-19 era.
He explained that the government was aware that entrepreneurship would not thrive in an environment with difficulties in doing business.
It is for this reason that the government would continue to create more opportunities for the country’s growing youth population of the country.
“To this end, we are working to eliminate all bottlenecks in doing business as fast as possible. The use of National Identification Card as a unique identifier, the digitisation of the processes at the Registrar General’s Department and the passage of Act 992, give specific focus to business as part of the institutional innovation to grow and support entrepreneurship,” Dr Bawumia said.
He admitted that the over 250,000 young people who enter the job market every year, put pressure on the limited employment opportunities, and quickly added that, getting the youth employed remained a priority for government.
As such, the government would continue to create the right environment to allow the initiatives and companies started through this programme to thrive.
“In so doing, I am optimistic that this programme will unearth innovations and support and grow companies,” the vice president stated.
He then urged implementers of the programme to collaborate with government agencies to help create sustainable job opportunities for the Ghanaian youth.
The agencies include the National Youth Authority (NYA), Youth Employment Agency (YEA), Ghana Enterprises Agency (GEA), and the National Entrepreneurship and Innovation Programme.
On her part, the Acting Vice-Chancellor of UG, Professor Nana Aba Appiah Amfo, said, the programme would “streamline and provide essential support services to students and alumni in cross-experiential settings to enhance their creativity and competitiveness in today’s complex world.”
The assistance, which would be in the form of financial, administrative, and business services, is geared towards venturing into building entrepreneurial and creative spaces for students and alumni of the university.
The entrepreneurship programme, she said, would enable the university to go beyond the classroom and theories, cross disciplines and excite and spare on the young ones to create, innovate and collaborate.
The Dean of the University of Ghana Business School (UGBS), Prof Justice Bawule, indicated that 12% youth unemployment coupled with the about 50% underemployment in the country is a national threat.
He underscored that, while gross tertiary enrolment is a good predictor of the development of countries, Ghana could not say the same, despite witnessing increasing gross tertiary enrolment rate over time.
This situation, he opined, posed a challenge to tertiary institutions and industry at large, to create spaces and establish frameworks that would “change the narrative going forward.”
On the part of the university in overcoming this challenge, Prof Bawule said, it constantly revises its curricular to align it with the needs of industry.
To achieve this, the university prioritises entrepreneurship partnership with the private sector, in addition to pre-employment support services as well as internships.
About the University of Ghana Innovation and Entrepreneurship Programme
UGIEP is a trans-disciplinary initiative that seeks to foster entrepreneurship and innovation culture at the University of Ghana, through extracurricular programmes and projects.
These programmes and projects support creative thinking, venture creation and growth towards the advancement of innovation and entrepreneurship development in Ghana.
It would thus unlock the ideas of students, alumni and faculty, and translate new ideas, products and services into employment and economic growth.
UGIEP is an integral part of the University’s research development plans to enhance its innovation ecosystem.
It is designed to engage students, faculty, and external stakeholders in leveraging their research, innovative skills and experimental models to create start-ups and other opportunities.
This programme is as a result of the partnership between the University of Ghana through its Institute of Applied Science and Technology (IAST), and the Global Entrepreneurship Network-Ghana (GEN-G).
It is characterised by five unique suites, including the UG Start Up Challenge,
the UG Incubator, the UG Venture Accelerator, the UG Venture Fund, and the UG Alumni Angel Investor Network which will serve as the pillars through which the objectives will be achieved.
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