Home BUSINESS Vice President Bawumia unveils USD 55 Million BizBox Project by GEA and...

Vice President Bawumia unveils USD 55 Million BizBox Project by GEA and Mastercard Foundation

Vice President, Dr. Mahamudu Bawumia on Monday, 22nd January 2024, announced the National kick-off of the BizBox project by the Ghana Enterprises Agency and Mastercard Foundation at an event at the Kofi Ohene Konadu Auditorium, UPSA, Accra.

The initiative, with a budget of USD 55 million, aims to foster entrepreneurship, empower youth, and create a substantial number of jobs across the nation.

Addressing the audience, Vice President Bawumia emphasized the transformative nature of the BizBox Project, which builds upon the successful Young Africa Works – Youth Entrepreneurship and Employment program (YEEP). The previous Young Africa Works Project, impacted approximately 94,000 young people in Ghana between 2020 and 2022.

“Now, armed with a budget of USD 55 million, the new BizBox Project sets an ambitious goal to empower 250,000 individuals, support 125,000 with start-up kits, provide market access support to 50,000 businesses, and regulatory support to 40,000 businesses,” the Vice President stated.

“The BizBox Project, will be implemented across all the 16 regions and 261 districts in Ghana, also benefiting diverse groups, including youth, Persons with Disabilities (PWDs), vulnerable females, majority women-owned businesses, and female youth-led businesses’’, he added.

Underlining the importance of the BizBox initiative, Vice President Bawumia indicated that the project symbolizes hope and opportunity, encompassing the tools, knowledge, and support necessary to initiate, develop, own, and grow successful businesses for young people in Ghana.

The project will be implemented by the Ghana Enterprises Agency under five pillars: Youth Skills Development, Access to Market, Access to Startup Kits, Youth Social Networks, and Institutional Strengthening, Policy, and Regulatory Support. It will focus on sectors such as agriculture, agri-business, tourism, creative industry, building and construction, and others, ensuring a comprehensive approach to address the root causes of unemployment.

Mrs. Kosi Yankey-Ayeh, the Chief Executive Officer of Ghana Enterprises Agency, expressed her commitment to the success of the BizBox Project, noting its alignment with existing government initiatives and policies.

“ We recognize the importance of collaboration and partnership, to this end, BizBox will leverage partnerships with private sector BDS providers, industry associations, and various stakeholders to ensure the success and sustainability of this program. We stand committed to supporting the dreams and aspirations of the youth, nurturing a generation of innovative and successful entrepreneurs who will contribute to the growth and prosperity of our nation”, she said.

The ceremony was attended by key government officials, including Hon. Kobina Tahir Hammond, Member of Parliament for Adansi-Asokwa and Minister for Trade and Industry; Hon. Sylvester Tetteh, Member of Parliament for Bortianor-Ngleshie Amanfro and the Board Chairman of GEA Enterprises Agency, officials from the Mastercard Foundation among others.

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 maximise its contribution to the country’s economic and social development with respect to production, income distribution and employment as well as promoting a 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 formalisation of the MSME Sector in Ghana in a decentralised 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 visit our 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.

For more information on the Foundation, please visit www.mastercardfdn.org


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