GEA and the Mastercard Foundation Partner To Empower 250,000 Young Ghanaians Through BizBox Program
- None.
- None.
The BizBox program, with its substantial investment of GHS 660 million, represents a significant economic stimulus for Ghana, especially within the entrepreneurial sector. It's designed to address the systemic challenge of youth unemployment through skill development, market access and business support. The focus on young women and Persons with Disabilities is particularly noteworthy, as it aligns with the broader global goals of inclusive growth and gender equality.
From an economic perspective, the program's potential to generate employment and foster entrepreneurship could lead to increased economic activity and a more diversified economic base. This is particularly important for a country where agriculture plays a dominant role. By targeting agri-adjacent businesses, the initiative could stimulate rural economies and reduce urban migration pressures. Furthermore, the emphasis on policy and regulatory support might facilitate a more business-friendly environment, potentially attracting further investment.
Examining the BizBox program's approach, it's clear that the comprehensive training and support provided are designed to enhance the competitiveness of new ventures. By equipping young entrepreneurs with life skills and technical knowledge, the program aims to increase the success rate of startups. This could lead to a more vibrant small and medium-sized enterprise (SME) sector in Ghana, which is often the backbone of emerging economies.
Additionally, the focus on creating youth social networks and institutional strengthening could foster a collaborative ecosystem, encouraging innovation and knowledge sharing. This may result in higher quality products and services, improved business practices and a more resilient entrepreneurial community capable of adapting to market changes and global economic shifts.
The BizBox program's commitment to empowering over 70 percent young women and 10 percent Persons with Disabilities is a progressive step towards social equity. By providing targeted support to these groups, the initiative not only addresses economic issues but also tackles social barriers. The transformative impact of such programs can extend beyond individual beneficiaries, influencing societal attitudes and contributing to a more inclusive culture.
The success stories, like that of Gifty Animwaa Owusu, can serve as powerful motivators and role models, potentially altering the trajectory of entire communities. The long-term social benefits of such empowerment, including increased family well-being and community development, could be significant. However, the true measure of success will be the sustainability of these businesses and the ongoing support mechanisms that ensure their growth.
NORTHAMPTON, MA / ACCESSWIRE / March 13, 2024 / The Mastercard Center for Inclusive Growth
The Mastercard Center for Inclusive Growth
GEA and the Mastercard Foundation announced the start of a sensitization campaign for the groundbreaking Business in a Box (BizBox) program. This initiative aims to empower an additional 250,000 young people in Ghana, expanding on the successful collaboration established through the Young Africa Works Program.
The Young Africa Works Program project, from 2020 to 2022, achieved significant milestones by supporting approximately 94,000 young people, more than double its goal, enabling them to establish businesses or secure dignified and fulfilling jobs. Building on this momentum, the BizBox program aims to support 250,000 young people in accessing dignified and fulfilling jobs over the next four years.
In Amasaman, Greater Accra Region, Gifty Animwaa Owusu, a GEA/Mastercard Foundation Young Africa Works Program participant, shares her story of transformation from a struggling individual to a successful business owner and mentor.
"When I had no one to turn to for assistance, the GEA/Mastercard Foundation Young Africa Works Program became my source of hope," recalls Gifty Animwaa Owusu. Her participation in the A2E program and the invaluable Start-up Kit support she received after her training have been pivotal in her journey. Gifty is now a thriving business owner, supporting her family and mentoring young people in her community.
Through this intervention, Gifty has not only achieved financial stability but has also gained respect and dignity. Her success is a testament to the transformative power of giving opportunities to young women. Reflecting on her journey, Gifty acknowledges the impact of the business management training she received, which enabled her to meet the application criteria and successfully receive support through GEA.
Gifty's story is a powerful example of how targeted support and empowerment can lead to meaningful change in individuals and communities. Her journey is a source of hope for aspiring entrepreneurs and a testament to the effectiveness of programs like the GEA/Mastercard Foundation Young Africa Works Program in driving positive impact.
"The BizBox program aims to enable and empower disadvantaged young people across Ghana, especially young women with first-time business startups, to acquire skills and access to startup kits, markets, finance, and technology to start, build, and grow their businesses. We believe it will improve the well-being and resilience of young entrepreneurs by creating an enabling environment, especially for agriculture and agri-adjacent businesses to thrive and contribute to national development," said Rica Rwigamba, Country Director of the Mastercard Foundation in Ghana.
With an investment of GHS 660 million (approximately USD 55 million), BizBox underscores GEA and the Mastercard Foundation's ongoing commitment to young people's development. The program, scheduled to run until April 2027, will provide young entrepreneurs with essential tools, knowledge, and support to start and expand their businesses. It will deliver comprehensive training in life skills, technical expertise, entrepreneurship, and business development, promoting business growth and scalability.
A significant focus of the program is empowerment, with more than 70 percent of the target participants being young women and 10 percent Persons with Disabilities (PWDs), reaffirming its commitment to inclusivity and diversity in economic participation.
"The BizBox program emerges as a beacon of hope, fostering economic empowerment and laying the foundation for a prosperous future for the youth of Ghana. This is in alignment with the Government of Ghana's vision of ensuring that the youth of Ghana are engaged for the nation's development," said Kosi Yankey-Ayeh, CEO of the Ghana Enterprises Agency.
The program is tailored to complement the government's ongoing efforts to address the pervasive youth unemployment challenge. Importantly, this initiative aligns with the government's ambitious goal to generate one million jobs for young people by 2025.
The program comprises five components: Youth Skills Development, Access to Market, Access to Start-up Kits, Youth Social Networks and Institutional Strengthening, Policy, and Regulatory Support. Its implementation will involve a thorough process of sensitization, application, selection, assessment, and training focusing on vulnerable young people, past beneficiaries, PWDs, vulnerable women, women-owned/led MSMEs and graduates from agricultural colleges.
The BizBox Program is focused on holistic development rather than direct financial assistance, seeking to empower entrepreneurs to build resilient and competitive enterprises.
For media enquiries, please contact:
Ghana Enterprises Agency
Ms. Rejoice Tettey, Communications Manager
Mastercard Foundation
Felix Baidoo, Country Communications Partner, Ghana
About Ghana Enterprises Agency (GEA)
The Ghana Enterprises Agency (GEA) is the apex governmental Agency under the Ministry of Trade and Industry (MoTI) responsible for the promotion and development of the Micro, Small and Medium Enterprises (MSMEs) Sector in Ghana. GEA, formerly the National Board for Small Scale Industries (NBSSI) was established by an Act of Parliament (Act 1043) in November 2020. The GEA Act 1043 was assented to in December 2020. The Act mandates GEA to Coordinate, Implement and Monitor the activities of the MSME Sector.
The long-term goal of GEA is to support the MSME Sector to maximize its contribution to the country's economic and social development concerning production, income distribution and employment, as well as promote closer participation and integration of women and communities in rural areas into the national economy. GEA provides Business Development Services (BDS) to MSMEs, facilitates access to credit and supports the formalization of the MSME Sector in Ghana in a decentralized manner, mainly through the Business Advisory Centres (BACs) /Business Resource Centres (BRCs).
GEA has its Head Office in Accra. It also operates in all the sixteen (16) administrative Regions known as the Regional Offices and 247 District Offices known as Business Advisory Centres (BACs) and Business Resource Centres (BRCs).
For more information about GEA, please their website: www.gea.gov.gh
About the Mastercard Foundation
The Mastercard Foundation is a registered Canadian charity and one of the largest foundations in the world. It works with visionary organizations to advance education and financial inclusion to enable young people in Africa and Indigenous youth in Canada to access dignified and fulfilling work. Established in 2006 through the generosity of Mastercard when it became a public company, the Foundation is an independent organization separate from the company, with offices in Toronto, Kigali, Accra, Nairobi, Kampala, Lagos, Dakar, and Addis Ababa. Its policies, operations, and program decisions are determined by the Foundation's Board of Directors and leadership.
Learn more about our work in Ghana
Originally published by The Mastercard Center for Inclusive Growth
Contact Info:
Spokesperson: The Mastercard Center for Inclusive Growth
Website: https://www.3blmedia.com/profiles/mastercard-center-inclusive-growth
Email: info@3blmedia.com
SOURCE: The Mastercard Center for Inclusive Growth
View the original press release on accesswire.com
FAQ
What is the purpose of the BizBox program launched by GEA and the Mastercard Foundation in Ghana?
What was the investment amount for the BizBox program?
Who is the Country Director of the Mastercard Foundation in Ghana?
What percentage of the target participants in the BizBox program are young women?
What are the five components of the BizBox program?
