Ghana To Secure US$150million from World Bank To Implement YouStart In 2024
Ghana is expected to secure US$150 million from the World Bank to implement YouStart, a government initiative to provide funding and technical support to youth and youth-led businesses.
Finance Minister Ken Ofori-Atta is targeting the funds in 2024 to address the country’s employment challenges.
“As of October 2023, a total of 23,695 beneficiaries comprising 5,183 males and 18,512 females had completed the Basic Level training by the GEA under the YouStart Jobs and Skills project. Out of this number, 7,975 comprising 2,474 males and 5,501 females progressed and completed the Intermediate Level training, with 4,514 beneficiaries comprising 1,679 males and 2,835 females also progressing to the Advance Level”.
“GEA has commenced disbursement of grants to beneficiaries who have completed the Intermediate and Advanced Levels. Evaluation of the grant proposals is currently ongoing”.
“It is expected that at least 5,000 of the 1st batch of beneficiaries would be supported with startup grants. The NEIP has also trained a total of 2,000 beneficiaries under the Government of Ghana-sponsored YouStart DEP”.
“Mr. Speaker, all is set to accelerate the implementation of YouStart in 2024. We are working with our partners, the World Bank, to secure financing worth US$ 150 million. On our own, we are committing GHS 200 million to ensure that more young persons are supported into entrepreneurship,” the finance minister stated while presenting the 2024 budget and fiscal policy statement in parliament on Wednesday, November 15, 2023.
The finance minister also showed appreciation to the Ghana Association of Banks for collaborating to support and train beneficiaries on the YouStart programme.
“On September 20, 2022, the Government signed a Memorandum of Understanding with 11 Banks and the Ghana Association of Bankers to support entrepreneurs gain access to capital to enhance their businesses. The Ghana Association of Banks have worked with us to train the Participating Financial Institutions on the program and has completed the design of a technology platform to receive applications. The National Banking College has also been engaged under the programme to train beneficiaries on behalf of the participating banks”.