Transcript of "[Challenge:Future] Reducing unemployment among Ghana's youth, through entrepreneurship"
REDUCING UNEMPLOYMENT AMONG THE YOUTH OF GHANATHROUGH ENTREPRENEURSHIP Youth Innovate, Ghana
Effects of youth Unemployment in Ghana Youth unemployment rate is 25% in 2012 1 Poverty - Four out of every ten Ghanaians live in poverty Brain drain - 47% 2 of college graduates from Ghana are seeking greener pastures abroad Social vices - Increase in social vices such as drug abuse, prostitution, armed robbery, teenage pregnancy 1 http://www.infoghana.info/news/overcoming-youth-unemployment-ghana-part-26 2 http://www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=93176
Demographics of unemployed youth in Ghana Age group for youth is 15 -24 years Unemployment rate is highest in urban areas 60% of the unemployed youth are females 1 out of every 2 unemployed youth wants to start a business on his/her own
Segmentation of the unemployedyouth in Ghana by GenderGraph shows higher unemployment in urban areas and also females –Housing and population data in year 2000, Ghana30252015 Sex (15-24)10 Male(15-24) Females(15-24) 5 0 Urban Rural Average Ghana Reference - http://www.cepa.org.gh/researchpapers/Youth73.pdf
Major Causes of youth Unemployment in Ghana Inadequate planning for integrating the Junior and Senior High Schools into the trades/vocations and job placements Education and training have no link to the needs of the important sectors of the economy Collapse of Ghana’s industrial base Shrinking of the public sector employment opportunities coupled with a relatively slow growth of the private sector Lack of a coherent national employment policy and comprehensive strategy to deal with the employment problem
Proposed Solution An entrepreneurship program where the youth receive training to form teams to start their own businesses to create wealth and employment. The program will ensure the teams identify problems or opportunities and them bring out innovative solutions to them. Viable business solutions will be given support in terms of logistics and seed funding to start for a minority equity which will be reinvested to support future businesses.
Impact plan Reach out to 50,000 young people by partnering with vocational and technical institutions to give training to these young people Enlist highly motivated young people into the program Create a fund that will enable these skilled you to start their own businesses. Proceeds from the fund will be used to enroll other youth
Desired outcome Create successful business across the country each year Empower young people in Ghana to create wealth and jobs The success of successful businesses will create a ripple effect which will inspire other young people across the nation to also start businesses that addresses problems while creating wealth and jobs
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