Young Ghanaians can now apply for start-up business loans up to GHS 500,000. This funding is part of the government’s 24-Hour Economy and Accelerated Export Development Programme, known as 24H+. The programme aims to support young entrepreneurs aged 18 to 35. It provides a significant financial boost for new businesses.
The initiative offers loans ranging from GHS 5,000 to GHS 500,000. Besides loans, participants receive free digital skills training. They also get guaranteed internships with partner companies. This comprehensive support system is designed to help young people across all 16 regions of Ghana. These opportunities are accessible through Technical and Vocational Education and Training (TVET) centres.
This programme fits into Ghana's broader economic strategy. The government seeks to stimulate growth in key sectors. It targets agriculture, manufacturing, and the creative industries. President John Dramani Mahama described 24H+ as a multisectoral programme. It aims to overcome production bottlenecks. This focus on a 24-hour economy seeks to maximize resource utilisation. It also promotes round-the-clock business operations. This aligns with global trends for economic efficiency.
The 24H+ programme provides significant incentives. These include tax reductions for businesses operating two or three shifts. Participants can also get priority access to electricity and water. Import tax exemptions are available for essential machinery. VAT relief and export performance rebates are also offered. Young entrepreneurs in manufacturing, ICT, and agro-processing benefit from tax-free periods. These are designed to encourage investment and growth.
Interested individuals can register on the 24hplus.gov.gh portal. The portal invites a wide range of participants. This includes farmers, investors, traders, and manufacturers. The programme covers various sectors. These include agro-ecological parks and textile manufacturing. Air cargo logistics and creative industry academies are also featured. The Expression of Interest portal is the gateway to these opportunities. Additional opportunities will be released in later phases.
The availability of these loans and training is expected to create many new jobs. It will encourage innovation among the youth. The government hopes this will reduce unemployment. It also aims to boost Ghana's export capacity. The Development Bank Ghana and Venture Capital Trust Fund will provide concessionary financing. This ensures sustainable funding for promising ventures. The programme’s success will depend on efficient implementation and widespread adoption by young Ghanaians.