Presidential initiative to raise entrepreneurs apt

Entrepreneurship is one of the most vital drivers of development because it holds the key to addressing the industrialisation drive and youth unemployment of any country.

That is why the Daily Graphic is happy to note that the government, through the Ministry of Business Development, is working towards building the capacity of young people to create jobs and wealth for themselves and the nation.

Through the launch of the second edition of the Presidential Pitch, an initiative to organise a competition of business proposals of young entrepreneurs under 25 years who have the most impactful, innovative and employment capability business plans, the government is hoping to promote the conducive business environment that can build the capacity of young people to create jobs and wealth for themselves and the nation.

It is also gratifying to note that two young female students of the Kwame Nkrumah University of Science and Technology (KNUST) were on Tuesday adjudged winners of Season Two of the Presidential Pitch and were presented with a GH¢100,000 grant by the President, Nana Addo Dankwa Akufo-Addo.

The grant is to enable them to expand their innovative business of using banana and plantain stems to produce disposable sanitary pad which is bio-degradable and, therefore, safe for the environment.

Ms Emily Otoo-Quaryson, 20, and Ms Matilda Sampong, 23, were among 10 young business entrepreneurs, aged between 18 and 25, who presented (pitched) their business ideas and products before a panel of judges, and witnessed by President Akufo-Addo, ministers of state, members of the diplomatic corps and captains of industry in the final round of the pitch in Accra last Tuesday.

The remaining nine were also provided with grants ranging from Gh¢40 to Gh¢25 and taken through business development processes, including procurement, finance, risk management among others. Even the over 100 who participated in the selection process will also be supported technically by the Ministry of Business Development.

In spite of the growing youthful population which is very resourceful, not much has been done over the years to hone their skills.

The government’s consideration of entrepreneurship to drive development must, therefore, be a welcome move and gesture.

The winners, we understand, will be attached to both local and international industries to be mentored and assisted with training to help them build their business management capabilities in the areas of marketing, procurement, finance, risk management among others. All those who also participated during the selection process will be assisted to grow their ideas.

According to available statistics, every year, about 200,000 young people graduate from schools across the country but that only 10 per cent or so are able to find jobs in the public sector, while the rest seek work elsewhere.

The private sector itself is also choked, thereby limiting job opportunities for the youth.

That is why it is imperative for young entrepreneurs with brilliant business ideas to take advantage of the presidential initiative and other available opportunities to put their entrepreneurial capabilities to use to expand their start-ups.

The Daily Graphic is of the conviction that such initiatives and other policies and opportunities offered to the youth to practicalise their brilliant business ideas will go a long way to produce Ghana’s global blue chip companies.