Accra, Ghana, September 7th, 2023 – In a ground-breaking initiative aimed at fostering youth-driven economic growth and innovation, the Ghana Chamber of Young Entrepreneurs (GCYE) has announced the launch of a 3 million Ghana Cedis Member Contribution-Based Young Entrepreneurs and Start-ups Support Fund. This pioneering venture is made possible through the support of the European Union-funded SNV GrEEn project.
In his opening address, the CEO of GCYE, Mr. Sherif Ghali underscored the challenges faced by young innovators in accessing finance and stressed the urgent need for financial resources and support. He also highlighted the pivotal role played by the chamber in Ghana’s entrepreneurship ecosystem, tracing the inception of the YESS Fund back to 2019 at the National Young Entrepreneurs Forum.
“Over three years, the chamber diligently worked to establish this fund, consulting extensively with industry experts and regulatory authorities.” He said.
The CEO commended the Bank of Ghana’s regulated third-party Chango App, which streamlined their efforts. Members embraced this innovation and started contributing to the realization of the YESS Fund. “YESS Fund is a tangible testament to the chamber’s commitment to empowering Ghana’s young entrepreneurs, rooted in values of unity, trust, innovation, and belief in their potential.” He added.
Expressing gratitude to the EU-backed SNV Green Project for their crucial 250,000 euros contribution, the CEO called on other partners, governments, and organizations to join their transformative journey. He emphasized the reasons for support, including expanding the fund’s impact, nurturing sustainable entrepreneurship, aligning with global goals, and empowering Ghana’s youth to shape their economic futures.
Concluding, he invoked the proverb “Heaven helps those who help themselves,” highlighting the fund’s origin in the determination and resourcefulness of young entrepreneurs. With collective support, the YESS Fund can make a profound difference in the lives of Ghana’s youth.
In her official statement, Marta Brignone, the Programme Officer at the EU Delegation to Ghana, highlighted that the YESS Fund was not originally included in the project plan at the outset of the green initiative. However, the EU’s implementing partner, SNV, proposed the YESS Fund, which was deemed a brilliant, innovative, and sustainable approach to leave a lasting impact as the project nears its conclusion. Brignone underscored the EU’s strong enthusiasm for innovation and its commitment to ensuring sustainability.
“As a development partner, our role only extends to contributing to the fund. It now falls upon your shoulders to ensure the fund’s long-term sustainability and growth, ensuring that future generations can reap its benefits.”
Bettina Schoop, the Component Manager at the GIZ AgriBiz project, extended her congratulations to the chamber for their commendable initiative. She noted that her project had collaborated with the chamber on five distinct initiatives and expressed unwavering confidence in the chamber’s capacity to achieve the fund’s objectives. Schoop commended the European Union and SNV for their valuable support and financial assistance and expressed optimism that additional support would be forthcoming.
During the fund’s inauguration, the Country Director of the SNV Netherlands development organization, Barbara White Nkoala, commended her green project team and the chamber for their pivotal contribution to the launch of the fund.
She elaborated on the SNV GrEEn project, funded by the European Union, which centres on advancing green and inclusive growth while emphasizing the vital role of youth engagement in sustainable development. This collaborative effort underscores the EU’s dedication to nurturing youth entrepreneurship in Ghana and fostering economic resilience and sustainability.
“I firmly believe that this fund represents a significant and enduring legacy for the green project. We hope that a decade from now, upon our return, the fund will have thrived, benefitting numerous businesses, particularly those in the green sector,” she remarked.
The fund’s launch was a vibrant and memorable event, presided over by the SNV Country Director, with support from the EU representative, a representative from the Development Bank Ghana, and the CEO of the National Entrepreneurs and Innovation Programme.
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