The Chief Executive Officer (CEO) of the Ghana Chamber of Young Entrepreneurs (GCYE) has urged the government to take proactive measures by establishing a dedicated fund to support young entrepreneurs.
Speaking at the Fourth Annual National Young Entrepreneurs Summit, Expo, and Awards in Ho, in the Volta Region, Mr Ghali emphasized the importance of providing financial resources to young entrepreneurs who often face challenges accessing capital from conventional financial institutions.
Mr. Ghali noted that the perception of high risk associated with young entrepreneurs often deters traditional financial institutions from lending to them.
To address this issue, he proposed the establishment of a government fund that would provide soft loans to young entrepreneurs, enabling them to expand their enterprises.
In an interview, Mr Ghali highlighted the financial limitations faced by the majority of young people, hindering their ability to start or grow their businesses.
He stressed that a government grant facilitating access to soft loans would be instrumental in overcoming these challenges.
Moreover, Mr Ghali urged the government and development partners to create conditions that facilitate young entrepreneurs' access to the market, essential for the success of their businesses.
Beyond financial support, he emphasized the need for capacity development assistance in areas such as branding, marketing, business legality, and compliance.
Given the financial constraints faced by young entrepreneurs, such support would fill crucial knowledge gaps that might otherwise be addressed by hiring professionals.
Addressing tax challenges, Mr Ghali expressed concerns about its impact on businesses, particularly those owned by young entrepreneurs.
He deemed the existing five-year tax holiday ineffective and called for more targeted measures to alleviate tax-related burdens on young business owners.
In response to these challenges, Mr Ghali stressed the importance of young entrepreneurs being aware of laws and standards for compliance to avoid legal issues and challenges with authorities.
Dr Archibald Yao Letsa, the Volta Regional Minister, commended GCYE for its vital role during the Sixth Volta Trade and Investment Fair.
He encouraged young entrepreneurs in the region to persevere and consider their journey as not only a local success but also a source of motivation for the entire country. Dr. Letsa challenged them to view obstacles as opportunities to showcase their tenacity and creativity.