Finance

Ghanaian govt approves $9mln to support nearly 5,000 startups

Wednesday, 10 June 2020 16:30
Ghanaian govt approves $9mln to support nearly 5,000 startups

(Ecofin Agency) - Nearly 5,000 tech startups in Ghana will receive between 5,000 and 50,000 cedis from the government to develop their activities. The financing, which bears an interest rate of 10%, is part of the third phase of the government program to support about 26,000 businesses in the country.

The government approves a total of 50 million cedis (about $8.6 million) for this phase and the businesses qualified for this program will also benefit from technical assistance in the form of advice, mentoring, and coaching.

Since its launch in 2017 by the Ghanaian President, Nana Akufo Addo, the presidential business support program has supported nearly 19,000 start-ups which have helped create about 90,000 jobs, said Ibrahim Mohamed Awal (pictured), Minister of Business Development.

The program, which aims to reduce youth unemployment through technical and financial support, is coordinated by the government's National Entrepreneurship and Innovation Program (NEIP). According to John Kumah, its managing director, 70% of the loans granted under the first components of this program have been recovered by the government.

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