The Executive Director of the Ghana Institute of Governance and Security -- a policy think-tank group -- David Agbee, has asked for the creation and adoption of an unassailable implementing strategy in managing the recently launched Youth Entrepreneurship Support fund as a measure of identifying and resourcing the right ideas and individuals with the capacity to generate employment for others.
His statement follows a litany of commentary that has greeted the establishment of a specially-targetted fund aimed at supporting young entrepreneurs struggling to start businesses across the country, mainly as a result of financial limitations.
The launch of the YES fund by President Mahama, which coincided with the International Youth Day celebrations, is expected to resource young brilliant entrepreneurs in the country financially and with the right capacity building skills and empower them to become job-creators rather than always being seen as job-seekers.
Mr. Agbee said: “Irrespective of how long it has taken government to come out with an initiative of this nature, given the huge statistics of graduate and youth unemployment in the country, government ought to be commended and supported in this driveâ€Â.
He however cautioned that operators of the Fund, who would oversee the disbursement of GH₵10million seed-capital set aside for the YES Fund, must to be tactful with the implementing strategy and adopt a practical approach to enable them to comprehensively analyse applications and business proposals submitted for assistance.
He alluded to the fact that in several instances people of diverse capacity came out with ‘brilliant ideas’ that turned out to be unfeasible owing to undetected flaws in the implementing approach.
“We need to engage people who are more resolute and practical, and with innovative ideas who can exhibit certain business skills and dynamism in readiness to ensure they want to enter into their own businesses, rather than people with ‘sugar-coated words’ who one can easily see are full of theories but not with anything practical.â€Â
The GIGS boss also intimated that stringent measures be put in place with the purpose of ensuring the risk element associated with proposed businesses are thoroughly probed before going ahead to endorse them, but not in a manner that will scare away people with genuine ideas.
He observed that even though every business is connected to some degree of risk, much attention needs to be given to making sure the risk involved with proposals submitted for support are controllable -- so that the limited funds to be given out can be transformed into viable ventures and thereby create employment opportunities for others.
He said regardless of the existence of similar funds like the Microfinance and Small Loans Centre (MASLOC), EDAIF among others, the YES fund should be seen as a preparatory initiative by government to buoy up and develop the spirit of entrepreneurship among youth in the country.
It is indicated this enterprising initiative is open to all Ghanaian youth with attainable business proposals that can yield dividends and repay the loans, notwithstanding one’s ethnicity or political background.
By Kizito Cudjoe | B&FT Online | Ghana
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