With just eight days left for accountability on President John Dramani Mahama’s 120-day social contract with Ghanaians, the government is rolling out a series of key initiatives in what it terms an “all-action week”.
Among the most highly anticipated of these programmes is the Adwumawura Initiative, set to be launched by the President in just a few hours.
The initiative aims to create over 10,000 jobs annually and has sparked hope among young entrepreneurs in Kumasi, who view it as a potential game-changer.
At the Prempeh Assembly Hall in Kumasi, the atmosphere is charged with excitement as young entrepreneurs and representatives from various groups, including the Central Market Association, the KJTR Traders Association, and the Suame Businessmen Association, gather in anticipation.
The event is buzzing with energy as these groups are eager to witness the launch of the Adwumawura Initiative, which the government has promised will incubate and accelerate 10,000 businesses for Ghanaian youth annually.
A pastry entrepreneur, Philip Anson, shared his thoughts on the programme: “I run a growing pastry business with my brothers, and we generate daily sales of 1,500 Cedis. We see strong market demand, but there are still challenges ahead. I believe the Adwumawura Initiative will help small businesses like mine reach new heights.”
Mr. Anson, whose family business has been rapidly expanding, expressed hope that the initiative would provide much-needed support to businesses like his.
Another attendee, Derek Nyakun, a student at Kumasi Technical University, expressed his cautious optimism: “I help run my mother’s business, and I have a basic understanding of finance. Although we’ve faced challenges with past government initiatives like NAPCO, I’m hopeful that the Adwumawura Initiative will bring tangible benefits for young entrepreneurs like myself.”
The Minister for Youth Development and Empowerment, George Opare Addo, outlined the objectives of the initiative.
“This initiative is designed to tackle the key barriers hindering youth entrepreneurship,” he said. “The main issues we are addressing include access to capital, space, and essential business support.”
Mr. Opare-Addo also highlighted the Adwumawura Initiative’s key features, including an incubator programme that will offer training in areas such as financial literacy.
“We are committed to providing young entrepreneurs with the tools and support they need to start and grow their businesses,” he said.
The initiative will also connect young entrepreneurs with established business mentors to guide them through the challenges of starting a business.
One of the primary aims of the initiative is to provide startup capital and assistance with navigating bureaucratic hurdles such as taxation, registration, and paperwork.
Mr. Opare Addo stressed the importance of this holistic approach, saying, “Unlike previous programmes, Adwumawura is a comprehensive programme with a clear legal framework to ensure its sustainability.”
He continued, “Our goal this year is to incubate 10,000 businesses, and we’re introducing two key programmes: the Presidential Pitch and the Vice Presidential Pitch.”
The Presidential Pitch will allow entrepreneurs to pitch their ideas directly to the President, with the best ideas receiving support.
Meanwhile, the Vice Presidential Pitch will focus specifically on female entrepreneurs and individuals with disabilities, ensuring these groups are given the resources to succeed.
Mr. Opare-Addo revealed that the government intends to allocate 60% of the funding to women and 15% to people with disabilities, addressing the gaps in support for the most marginalised groups.
In addition to the pitch programmes, the initiative will partner with the Venture Trust Capital Fund to establish a venture capital fund.
This fund will aim to support businesses that show the potential to become self-sustaining.
“The initiative isn’t just about financial support,” Mr. Opare-Addo explained. “It’s about providing vital guidance to ensure the long-term success of these businesses.”
With the launch of the Adwumawura Initiative only hours away, young entrepreneurs in Kumasi remain hopeful.
They are optimistic that this programme will provide them with the opportunities, mentorship, and resources necessary to grow their businesses, create jobs, and contribute significantly to Ghana’s economic development.
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