Economy on path of recovery following critical interventions - President - Economy on path of recovery following critical interventions
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Job creation
“I do not need to repeat that the greatest challenge we face is the creation of jobs. Young people are very anxious about not finding jobs and their parents are even more anxious about the future of their children after seeing them through school. I am well aware that the success or otherwise of my administration will be judged largely on job creation,” he said.
Towards that end, he said, the recent launch of the National Entrepreneurship and Innovations Plan (NEIP), an innovative scheme under the Business Development Ministry, was meant to help start-ups and the difficult early stages of setting up businesses.
“We have committed $10 million of public funds, which we hope to leverage to $100 million from private sources to back the plan,” he added.
The President said the Asempa Budget had allocated $100 million as the government’s contribution, either as equity or in kind support for the establishment of the district enterprises — one-district, one-factory — saying an additional $340 million had been leveraged from local financial institutions for the programme.
He said the government, in collaboration with the Association of Ghana Industries (AGI), had also arranged a supplier’s credit facility for $2 billion from China to provide equipment, machinery and other facilities in support of the programme, noting with optimism that “it is now clear that this programme is destined to succeed”.
“The Asempa Budget also provided a $50 million stimulus package for the revival of distressed companies. At the end of June 2017, 285 applications had been received. So far, 118 of these applications have been screened, of which 80 have been adjudged eligible for various stimulus packages. In addition to the government's contribution, $20 million has been earmarked by local financial institutions as part of the stimulus package. This will definitely help in the revival of our industrial sector,” the President said.