Supporting young entrepreneurs is the way to go!
Entrepreneurship has been touted as the solution to unemployment in many countries and Ghana is not different.
This is because of the limited opportunities the formal sector has for the teeming graduates that leave tertiary institutions every year.
In August last year, the Employment and Labour Relations Ministry announced that about 422,000 Ghanaians were without work and aggressively searching for jobs.
The sector minister, Ignatius Baffuor Awuah, taking his turn at the Meet the Press series in Accra, pegged the country’s unemployment rate at 3.7 per cent.
He disclosed, however, that an additional 417,000 people had given up looking for jobs out of frustration.
“So if you add that to those who are looking for work but are not getting it, the percentage then moves [from 3.7 per cent] to 7.1 per cent”, he said.
But starting a business is not easy. A start up needs capital, mentorship, amongst many others to succeed. The lack of these essentials has discouraged a number of people from starting their own business.
It is against this backdrop that we find the McDan Entrepreneurship Challenge a commendable move that would complement ongoing efforts by the government.
Last Friday would go down in history as a life changing day for 10 start-ups and finalists of the maiden edition of Entrepreneurship Challenge as they, together, received about one million dollars, the cedi equivalent of GH₵795,000 in prizes.
Alhassan Hamza Akoligo, 39-year-old owner of Alkoh Shea, a sheabutter business based at Gambaga in the North East Region, won the ultimate prize of $100,000.
The nine finalists, each received GH¢25,000 from McDan Foundation, the organiser of the contest, in addition to GH¢300,000 pledged by the Ministry of Business Development at the event.
The winner and the first runner-up would join the Ghana Investment Promotion Centre (GIPC) owner business outreach abroad, in the coming months.
The entrepreneurship challenge is a 13-week television reality show initiated by Dr Daniel Mckorley, the Founder and Executive Chairman of McDan Group of Companies.
It is an opportunity for young entrepreneurs to pitch their ideas for funding and mentorship with this maiden season, started months ago, attracting 7,000 applicants across the country.
The story of Mr Akoligo, who broke down in tears after being announced winner, is the story of many unemployed graduates. After several years of failed efforts to secure a job, his mother, employed him in her shea butter business.
With his new found fortune, the impact would go beyond his household as he announced plans to expand his business and create jobs for other people.
This is what we expect entrepreneurs who have found their feet in the business world to do to support the youth to create jobs and be employers instead of employees.
We commend business mogul, Dr Daniel Mckorley and the Business Development Ministry for investing so much in the youth and the country at large and encourage other businessmen to do likewise since the government cannot alleviate the unemployment scourge alone.