An Associate Professor of Development Economics at the University of Ghana has blamed the failure of majority of Ghanaian startups on shortfalls in available interventions.
Speaking on Joy FM, an Accra-based radio station, he stated that the issue with startups had been that entrepreneurs were provided capital to start businesses, but they were not given other support in terms of capacity building, and challenges they are likely to face and how to deal with them.
Hence, “the failure of startups to move on and become viable enterprises.”
He was contributing to discussions that centered on the government’s latest intervention aimed at bridging the unemployment gap in the country.
The government has introduced an initiative dubbed ‘YouStart’ which will provide one million jobs for the youth of this country.
Finance Minister, Ken Ofori-Atta, who announced the programme during the presentation of the 2022 budget in Parliament, stated that ‘YouStart’ is a vehicle for providing young entrepreneurs access to capital, training, technical skills, and mentoring to enable them operate their own businesses.
He lauded the government for incorporating training into the ‘YouStart’, which according to him, had been a missing but very essential factor for the growth of every business.
He expressed the view that every entrepreneur, aside from being provided financial support, should be introduced to good business plans, trained on the ecosystem that they are going to go into for them to know the challenges they are going to be facing and how they are going to survive those obstacles.
He further noted that the ‘YouStart,’ will be enough to get government to achieve its 10-year target of creating 10.5 million jobs.