About 1,000 young entrepreneurs are set to receive soft loans this month under the National Entrepreneurship Innovation Plan.
Potential beneficiaries will receive between ¢10,000 and ¢100,000 each depending on project scope at 10 per cent interest rate.
The initial $10 million package earmarked for the project which will include 1,000 females has been increased to $100 million.
Minister for Business Development, Dr Mohammed Awal, speaking at a breakfast meeting with CEOs of the Ghana Employers Association in Kumasi said government will soon announce a similar package for what it describes as established but struggling businesses.
Dr Awal charged the business owners to put succession plans in place to ensure their businesses survive through generations.
“All the businesses we knew when we were young, where are they? When the owners die, they are gone. Can we find a mechanism to make sure that businesses survive after we’re no more”, he queried.
Dr Awal promised massive road infrastructure and railway development to promote sub-regional economic activities.
The initiative is being carried out by the Department of Pharmaceutics of the Kwame Nkrumah University of Science and Technology, (KNUST).
He believes the project has the potential to reduce Ghana’s import bill on cornstarch for the manufacture of drugs.
“Government stands to gain a lot if your outfit can fast track in getting investors to partner industry and academia,” he emphasized.
Mr Amponsah Kodua also called for collaboration with Health Ministry for local supply of ingredients of restricted medicines to make them cheaper.
He asked the government to pay attention to maize and soya bean production, as shortage continues to plague the poultry industry.