The Ministry of Business Development has announced that government, in partnership with the Institute for the Creation and Development of Enterprise (INCYDE) foundation and CASA África, will allocate GH¢530million to train 2000 young entrepreneurs across the country beginning March 2019.
The announcement was made at the signing of an Agreement between the ministry and INCYDE foundation of Spain for the development of a training programme to improve, promote and support entrepreneurship in Ghana.
Also, the agreement is aimed at establishing a broad collaboration framework between the Ministry of Business Development and INCYDE foundation. The University of Ghana Business School (UGBS) is the collaboration partner of the ministry in the realisation of these objectives.
According to Business Development Minister, Mohammed Awal, the collaboration will help deepen the country’s entrepreneurship culture as well as provide young entrepreneurs with the skills, networks and competencies to go beyond five years.
He said: “The problem we have in Ghana is that 75% of all businesses that are created do not go beyond five years. We therefore cannot grow ‘Ghana beyond Aid’ if our businesses do not go beyond five years. It is not the best that only 25% of entrepreneurs in the country go beyond five years”.
The minister added that Ghana can only compete on the global landscape if entrepreneurs in the country have products that meet both local and international requirements, and therefore training by the global brand of Spain, INCYDE, will go a long way to improve competencies of the Ghanaian entrepreneur.
“There’s also another aspect of the course, whereby we will attach young entrepreneurs to Spanish companies so that our young entrepreneurs can go to Spain to learn the real work of business and come back with the confidence to expand. By the end of next year, we will have 2000 entrepreneurs who are competent and capable to compete and go beyond Ghana. Spain is going to support us massively to raise the GH¢30million to fund this project,” the minister revealed.
On his part, the General Manager of INCYDE foundation, Francisco Javier Collado Cortés, noted that INCYDE foundation is an institution of the chambers of commerce which specialise in the development and promotion of the entrepreneurial mindset – and therefore seeks to bring about improvements to the qualifications of entrepreneurs, creating and consolidating companies.
He said: “The foundation also seeks to boost and encourage the participation of young people – to work as unemployed individuals in programmes that contribute to their training and professional development in a way that will enable them adapt to the new demands of the job market, and will lead to the achievement and provision of livelihoods and sustainable economic development”.
Also present was the Ambassador of Spain to Ghana, Madam Alicia Rico, who noted that setting up new businesses and creating new jobs, particularly for the youth, is one of the highest priorities for both Ghana and Europe.
She said the aim is to bring trainers who have the expertise and methodology needed to train trainers in Ghana, as well as help entrepreneurs set up their own businesses.
Madam Rico added that: “Spain will accompany and support Ghana at this very important moment in history, and we will continue encouraging Ghana to continue on this path of economic transformation, as well as generation and creation of wealth in the country”.