Kumasi’s young entrepreneurs optimistic about Mahama’s Adwumawura Initiative

With just eight days left for accountability on President John Dramani Mahama’s 120-day social contract, the government is launching key initiatives. This week is being called an “all-action week.”

One of the most anticipated programs is the Adwumawura Initiative. The President will launch it in a few hours.

The initiative aims to create over 10,000 jobs each year. Young entrepreneurs in Kumasi are hopeful it will be a game-changer.

At the Prempeh Assembly Hall in Kumasi, excitement fills the air. Young entrepreneurs and various groups gather to witness the launch. These include the Central Market Association and Suame Businessmen Association.

The atmosphere buzzes with energy as attendees await the Adwumawura Initiative's launch. The government promises it will support 10,000 businesses annually for Ghanaian youth.

Philip Anson runs a growing pastry business with his brothers. He shared his thoughts: "We generate daily sales of 1,500 Cedis. We see strong market demand but face challenges ahead. I believe this initiative will help small businesses like mine."

Anson hopes the initiative will provide much-needed support for expanding businesses.

Derek Nyakun, a student at Kumasi Technical University, expressed cautious optimism. He helps run his mother’s business and understands finance basics. "We've faced challenges with past initiatives like NAPCO," he said. "But I'm hopeful this one will benefit young entrepreneurs."

The Minister for Youth Development and Empowerment, George Opare Addo, outlined the initiative's objectives.

"This program tackles barriers hindering youth entrepreneurship," he stated. Key issues include access to capital and essential business support.

Mr. Opare-Addo highlighted features like an incubator program offering financial literacy training.

"We aim to equip young entrepreneurs with tools to start and grow their businesses," he added.

The initiative also connects young entrepreneurs with established mentors for guidance.

A primary goal is providing startup capital and assistance with bureaucratic hurdles like taxation and registration.

Mr. Opare Addo emphasized this holistic approach: "Adwumawura has a clear legal framework for sustainability."

He continued, "Our goal this year is to incubate 10,000 businesses." Two key programs are being introduced: the Presidential Pitch and Vice Presidential Pitch.

The Presidential Pitch allows entrepreneurs to present ideas directly to the President for support.

Meanwhile, the Vice Presidential Pitch focuses on female entrepreneurs and individuals with disabilities.

Mr. Opare-Addo revealed that 60% of funding will go to women and 15% to people with disabilities.

This allocation addresses gaps in support for marginalized groups.

In addition to pitch programs, there will be a partnership with Venture Trust Capital Fund for venture capital support.

"The initiative isn’t just about financial aid," Mr. Opare-Addo explained. "It’s about vital guidance for long-term success."

With only hours until its launch, young entrepreneurs in Kumasi remain hopeful about Adwumawura Initiative's potential benefits.

They look forward to opportunities, mentorship, and resources necessary for growth and job creation in Ghana’s economy.