I started Databank with a loan at Kantamanto – Ken Ofori-Atta

Databank was started with a loan

The Finance Minister revealed on Good Evening Ghana

Ken Ofori-Atta says he started his investment company, Databank Financial Services Limited, with a loan of $25,000 in Kantamanto.

According to him, that process taught him the humility of understanding where he wanted to go with his business.

He disagreed with the assertion that at the time he started his business, he was a high-skilled labourer.

“I started my company, Databank, in 1990 in Kantamanto and I borrowed $25,000. Whether it is high-skilled or not, you don’t start an investment bank in Kantamanto, do you?

“And that is the humility of understanding of wherever you want to go and the problems of entrepreneurship. You fail, you pick you to go. There is a clear empathy and understanding of what it takes to be able to build a business and it is not short term,” Ken Ofori-Atta told Paul Adom-Otchere on the ‘Good Evening Ghana’ show.

The Finance Minister was defending the YouStart initiative in the 2022 ‘Agyenkwa’ budget.

The initiative is the government’s policy aimed at creating one million jobs for the youth of this country.

Delivering the 2022 budget statement in Parliament, Ken Ofori-Atta explained:

“The understanding of the youth employment challenge, as well as extensive consultations with stakeholders including youth associations and educational institutions across the country, have led to the development of the YouStart initiative which proposes to use GH¢1 billion each year to catalyze an ecosystem to create 1 million jobs and in partnership with the Finance Institutions and Development Partners, raise another GH¢2 Billion Cedis.

“In addition, our local Banks have agreed to a package that will result in increasing their SME portfolio up to GH¢5 billion over the next 3 years.

“This, Mr. Speaker results in an unprecedented historic GH¢10 billion cedis commitment to the private sector and YouStart over the next 3 years.

“Mr. Speaker, YouStart is a vehicle for supporting young entrepreneurs to gain access to capital, training, technical skills and mentoring to enable them to launch and operate their own businesses.

“Mr. Speaker, the Ghana Enterprises Agency (GEA), the National Entrepreneurship and Innovation Programme (NEIP), and partner financial institutions, will serve as the implementing arms of YouStart.

“Entrepreneurs will be able to apply for support through a dedicated YouStart online portal.

“NEIP will also engage our Faith-Based Organisations as partners for the delivery of essential artisanal skills, business competitions, and feasibility studies and introduction to financing institutions with a commitment of up to 10% of GOG contribution to the YouStart Programme.”