Start-ups to see increased funding - NEIP CEO

The Chief Executive Officer of the National Entrepreneurship Innovations Programme (NEIP), Kofi Ofosu Nkansah, is predicting increased funding for entrepreneurship programmes and start-ups in 2024.

Given that it is an election year, he suggested that there could be a rise in government funding for entrepreneurship programmes and start-ups. This is based on the historical trend of increased government spending during election periods, coupled with the current administration’s commitment to job creation through support for entrepreneurs and start-ups.

This announcement comes as a potential opportunity for aspiring entrepreneurs and small businesses seeking financial support to thrive in the current economic landscape.

According to Mr. Nkansah, state-funded entrepreneurship programmes have resulted in increased revenue and enhancements in business policy and operations among beneficiaries. These positive outcomes, with a ripple-effect on families, communities and local economies, promote stability and business growth. This success is likely to influence the government to allocate more funding to such initiatives.

“Any effect of the election year on support to start-ups and entrepreneurs would be an increase in the funding allocations. Most of these programmes started about a year or two ago and were not initiated simply because of the elections this year; so they will not be affected,” he said.

He made these remarks at the graduation ceremony of the AgriFood Enterprise Programme, an initiative of the Africa Skills Hub that provided young entrepreneurs with soft skills and funding support.

Notable initiatives within this portfolio include the YouStart Programme, which is a vehicle through which the government intends to provide funding and technical support to youth and youth-led businesses.

Launched in 2022, the government intends to commit about GH¢10billion over three years toward the creation of, at least, a million jobs in the economy.

Others are the Women MSME Programme to provide training and support for MSMEs owned by women, the Presidential Pitch Programme, the Youth in MSME Programme to provide training and support for MSMEs owned by young people, the PWD Enterprise Support Programme to provide training and support for MSMEs owned by PWDs, and NEIP Business Support Programme.