The nationwide youth entrepreneurship training program being executed by the National Entrepreneurship and Innovation Plan (NEIP) and the Youth Employment Agency is ongoing in the Ashanti Region.
The Chief Executive Officer of NEIP, John Kumah and CEO of YEA, Justin Kodua Frimpong, who paid a working visit to some of the training centres in the region expressed satisfaction with the results so far.
In January 2020, NEIP had an agreement with YEA to equip young people with employable skills to enable them gain employment and also create jobs for themselves and others to reduce unemployment.
The collaboration included an offer from NEIP for access to funding by 10,000 beneficiaries of the various YEA modules.
According to John Kumah after the tour, NEIP will continue to deliver on the vision of President Akufo-Addo to ensure a drastic reduction in the unemployment in the country by training more youth to become business owners.
He noted that “the collaboration between NEIP and YEA is needed to ensure that when YEA beneficiaries are ready to exit their modules we have a strategy in place to prepare them to be on their own”.
YEA beneficiaries who successfully complete the training and have innovative business ideas he said, will be eligible to receive funding from NEIP’s Presidential Business Support Fund.
Earlier in July, NEIP trained about 100 small business owners in Obuasi on best practices to manage their businesses.
The training was part of the Presidential Business Support Programme (PBSP) being rolled out by the National Entrepreneurship Innovation Program (NEIP) under the Ministry of Business Development.
The National Entrepreneurship and Innovation Program (NEIP) was launched in 2017 with a yearly Business Support for Micro, small and medium-size Entrepreneurs to help develop and expand their businesses with a sole aim of sustaining Ghanaian-owned businesses for 100 years and over for it to be profitable and also be able to employ at least two persons throughout the whole year.
This year, the Business Support Program will aid businesses with a loan between GHS5,000 and GHS50,000 per business to be repaid at a reducing balance rate of 10%.
The repayment period is 2 years with a moratorium of three to six months before repayment begins.