Start your business project: Movement for Change to establish traders bank, motorcycle manufacturing plant

Alexander Kuuku Osei-Baidoo
Alexander Kuuku Osei-Baidoo
5 Min Read

The Vice Presidential Candidate of the Movement for Change, Elijah Kwame Owusu Danso popularly known as KOD has announced plans to establish a Traders Bank aimed at supporting individuals in the informal sector.

The movement also intends to introduce a specialized apprenticeship program to equip people with the skills and knowledge needed to start their own businesses.

Speaking on Radio Univers’ Election Spotlight show on Friday, November 22, Kwame Owusu Danso, KOD explained that these initiatives will be implemented in partnership with the private sector to ensure young people have access to the resources they need to succeed in the business world.

“We are going to have what we call Traders Bank which is going to attend to the needs of young people that want to start their own businesses but have not necessarily been to school. We are not just looking at people who have been to school because there are so many people who have completed senior high school and could not continue their education but want to do business.”

“The bank that will be established will be managed by the traders themselves. If you need a loan, you just make an application to them and they will assess the viability and the profitability of your business. After that they will grant you the loan without any interest. Government is going to give them the base funding or the base capital that will be used to run the bank and then give them retired financial experts who are going to provide financial advice to the traders who will be managing the bank.”

“We want to create an enterprise economy, an economy that will run on the stills of businesses. So that whether you have been to school or not, you can create your business through trade.”

Kwame Owusu Danso, also established that the Movement for Change plans to set up a motorcycle manufacturing plant and launch a “Start Your Business” project to address the financial needs of young startups.

“Now for the formal sector if want to be an entrepreneur and you are struggling, but you have brilliant ideas and you are just not able to assess a facility that will help you execute that project, we are going to have a project called Start Your Own Business. It’s going to give entrepreneurs who will sign up for it, skills and training at the university level.
So before you even complete, you would have had the training on know how to manage businesses and to be able to sustain the business.

“We will also have partnerships with private companies that will be training you whilst you are in school. We are going to resource the companies that will accept the young people to do internship and to train them for a period. So for a period of about three months, we will have that system operating.”

“We are also going to build a factory in Ghana that will be assembling motorbicycles and tricycles in Ghana.”

Kwame Owusu Danso further announced plans to collaborate with all banks in the country to create a funding initiative for young entrepreneurs.

He explained that 10% of banks’ profit margins will be channeled into a dedicated fund to support young people with promising business ideas but limited access to capital.

“Now, once you are done, we will have an arrangement with all the banks in Ghana where we are going to reduce the taxes that they pay so that 10% of their profit margin will be dedicated specifically to providing funding for young entrepreneurs who have brilliant ideas, but who need money to start them.”

Story by: Alexander Kuuku Osei-Baidoo | univers.ug.edu.gh

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