Twenty young entrepreneurs who partook in the season three of the Presidential Pitch, a Ministry of Business Development initiative have received a whopping GH¢1 million.
President Nana Addo Danwka Akufo-Addo presented the seed fund to the young entrepreneurs at a ceremony in Accra Wednesday, July 1, 2020.
The President in his address to the gathering, highlighted the relevance of the initiative, indicating that entrepreneurship is a vital component of economic growth and development, and has been globally embraced as an important driver of economic transformation.
“That is why I am happy that, under Seasons One and Two of the Presidential Pitch, four hundred and sixty (460) direct and many more indirect jobs have been created with majority of these jobs in rural communities. In particular, I want to single out the Chief Executive Officer of Kawa Moka, Ms. Emi-beth Quantson, and the CEO of Everyday Chicken, Ms. Yaa Asare, who have together created, in all, two hundred and thirty-two (232) jobs,” the President said.
President Akufo-Addo noted that the two young entrepreneurs, who were among the winners of Seasons One and Two of the initiative, just like their counterparts, found creative ways of investing their cash prizes to scale-up their businesses, and created jobs.
“Clearly, our young men and women can be a positive force for development, when provided with the knowledge, skills and opportunities they need to contribute to the growth of a productive economy,” he added.
The overall winner of this year’s Presidential Pitch received seventy thousand cedis (GH¢70,000) as prize money, and a fully funded work-study programme outside Ghana, with President Akufo-Addo, this year, making a personal donation of thirty thousand cedis (GH¢30,000) to the winner.
“The winner is going to be attached to a reputable company in Europe to experience, at firsthand, good work practices, and build the needed network, as well as access to funding sources and market. The other nine winners will receive between thirty thousand cedis (GH¢30,000) and forty-five thousand cedis (GH¢45,000) each. They will also have the opportunity to be attached to reputable Ghanaian businesses on a work-study programme.
“All these cash prizes are grants, not loans. This is a demonstration of Governments’ commitment to build an ecosystem that fosters opportunity and innovation-driven youth entrepreneurship. The Presidential Pitch winners will continue to receive mentorship, coaching, and business advisory services over the next three years free of charge,” the President averred.
He intimated that rebuilding the Ghanaian economy in the wake of the novel coronavirus pandemic will put even greater premium on entrepreneurship, which underlines the exceptional significance of the Presidential Pitch.
He assured that Government will continue to help fashion a supportive environment to enhance entrepreneurship and enterprise development.
“My confidence in the sheer energy and can-do spirit of the Ghanaian makes me believe that, in you, the contestants I have met today, the future of the Ghanaian private sector is extremely promising,” he stressed.
Under another flagship initiative of the Ministry of Business Development, the Presidential Business Support Programme (PBSP) Window (3), twenty-six thousand (26,000) young entrepreneurs are currently being trained across the country to build their capacity, and enhance their competitiveness.
The number of persons in start-ups and small businesses that have been trained, since 2018, under the Presidential Business Support Programme, is forty-five thousand (45,000). Five thousand (5,000) of those trained this year will be funded to scale-up their businesses, thereby bringing the total of start-ups and small businesses, which have been provided with funding since 2018, to nine thousand, three hundred and fifty (9,350).
The National Entrepreneurship and Innovation Programme (NEIP), President Akufo-Addo assured, will continue to serve as the primary vehicle for providing integrated national support for start-ups and small business, focusing on the provision of business development services, business incubators and funding for youth-owned businesses.