Mr Sherif Ghali, the Chief Executive Officer (CEO), Ghana Chamber of Young Entrepreneurs (GCYE), has urged the government to establish a fund to support young entrepreneurs.
He said the majority of financial institutions shielded away from lending to young people because they saw them as high-risk business prospects, therefore, establishing funds for them would give access to capital to expand their own enterprises.
Mr Ghali said this in an interview with the Ghana News Agency on the sidelines of the Fourth Annual National Young Entrepreneurs Summit, Expo and Awards held in Ho, in the Volta Region.
The programme was on the theme: “Amplifying the Impact of Youth Entrepreneurs on National Development, SDGs, and AFCTA”.
He said the majority of young people were having challenges starting or growing their businesses because of financial limitations, therefore, a government grant that provided soft loans would help address the issue.
Mr Ghali urged the government and development partners to take steps in establishing some conditions that would allow young people to access the market, which was crucial for the success of businesses.
He emphasised the necessity of providing young entrepreneurs with capacity development assistance in areas such as branding, marketing, business legality, and compliance, since they lacked the funds to employ professionals for training.
The CEO mentioned tax as another major challenge, adding that the situation was destroying businesses, particularly those owned by young entrepreneurs, and that the five-year holiday for them was ineffective.
Mr Ghali underscored the need for young entrepreneurs to be aware of the laws and the standards for compliance to stay in business and avoid getting into trouble with the authorities.
Dr Archibald Yao Letsa, the Volta Regional Minister, in a speech read on his behalf by Mr Etornam Flolu, the District Chief Executive for Afadzato South, commended GCYE for its crucial role during the Sixth Volta Trade and Investment Fair.
He urged the young entrepreneurs in the region to be firm in their endeavours, understanding that their journey was not only a local success but also a beacon of motivation for the whole country.
Dr Letsa challenged them to see obstacles as a chance to show off their tenacity and inventiveness.
GNA