Vice President Mahamudu Bawumia has launched a multimillion-cedi project design to create employment and entrepreneurial opportunities for the youth, women and vulnerable persons.
The GHC660 million Ghana Enterprises Agency (GEA)/Mastercard Foundation Business in A Box (Bizbox) project aims to empower 250,000 individuals, support 125,000 with start-up kits and provide market access to 50,000 businesses and regulatory support to 40,000 businesses.
This is the largest ever funding for such an initiative and comes less than a month after the government, through the Ghana Enterprises Agency (GEA), provided an additional GHC31 million to 3000 youth-led start-ups and Micro, Small and Medium Scale Enterprises.
The government provided GHC 100 million to such enterprises in 2023.
Speaking at the launch of the BizBox project in Accra on Monday, Vice President Bawumia expressed delight at the ongoing measures to empower the youth and create decent jobs.
“The Bizbox is more than just a project; it symbolises hope and opportunity. It encompasses the tools, knowledge and support necessary to initiate, develop, own and grow successful businesses,” Vice President Bawumia noted.
Drawing on the lessons from the previous Young Africa Works Project, Dr Bawumia said Bizbox would focus on expanding business formalisation and product certification and provide access to start-up kits, particularly in the Agricultural and Agri-adjacent sectors.
Spanning all 16 regions and 261 districts in Ghana, the BizBox project is expected to benefit 250,000 participants with the aim that 50% of these beneficiaries will create employment for at least one additional young person.
The project will be implemented under five pillars: youth skills development, access to market, access to start-up kits, youth social networks and institutional strengthening, and policy and regulatory support.
Additionally, it will also focus on 50% agriculture and agri-business, 30% tourism and creative industry, 10% building and construction and 10% other skills, whilst prioritising the “last mile” of value chains.
Thanking the Mastercard Foundation for its continued support to Ghana, Dr Bawumia challenged Ghanaian youth, women and Persons with Disabilities to take advantage of the opportunities to learn, create and manage successful businesses.
“I know for a fact that, with dedication, collaboration and a shared vision, I am very confident that we can achieve our goals and build a brighter future for Ghana.”
Rex Mainoo Yeboah, ISD