Building sustainable businesses remains a significant challenge for many emerging economies worldwide. In response to this, Stanbic Bank’s SBIncubator has partnered with Boxplay and Junior Achievement (JA) Ghana to launch the ‘Back to Basics’ programme. This initiative aims to nurture entrepreneurs and cultivate successful businesses, contributing to the growth and resilience of the Ghanaian economy.
Hamza Mumuni, Manager of the Incubator, Enterprise Direct Propositions, Business and Commercial Banking at Stanbic Bank Ghana, highlighted the significance of the ‘Back to Basics’ programme emphasising its role in nurturing entrepreneurship among the youth. He stated, “Our goal is to cultivate an entrepreneurial spirit in young people. However, before we can achieve that, we must equip them with the essential skills and foundational knowledge necessary for success. This program is specifically designed for young individuals who are passionate about starting their own businesses, as well as those already in the business sector looking to scale up. We aim to inspire and instill a business mindset that will pave the way for future success.”
Speaking at the launch of the programme at the SBIncubator at Airport City in Accra, Executive Director of JA Ghana, Abeiku Greene, said the partnership is critical in building the requisite skillset for start-ups and entrepreneurs to succeed. “We’ve had a long-standing partnership with the Incubator since 2019 and this is another way to make the relationship even stronger. Our mission is to help young people develop the skillset and experience required for them to be successful adults and businesses people and we thought partnering with Stanbic Bank and the Incubator because we share the same aspiration and the same vision in terms of helping start-ups and helping young people who want to drive our economic development,” he said.
“What is unique about back to basics is it’s not your typical formal workshop where everything is by the book. It is informal and interactive that allows participants to ask questions and I believe this will make much more impact. Is our hope that through this we will be able to give young people strong foundations to build sustainable businesses,” he added.
The ‘Back to Basics’ initiative, a partnership between Stanbic Bank, Boxplay and Junior Achievement (JA) Ghana, is a series of discussions tailored for aspiring and young entrepreneurs, as well as those interested in the start-up ecosystem. The programme focuses on enhancing participants’ products, services, and business strategies to foster the development of sustainable enterprises. Participants will be guided through critical aspects of entrepreneurship, including business model development, market analysis, and growth strategies. The programme also offers insights on how to build scalable start-ups and achieve product-market fit.
According to the 2023 Annual Household Income and Expenditure Survey (AHIES) by the Ghana Statistical Service (GSS), 1.9 million youth aged 15 to 35 in Ghana were not engaged in education, employment, or training (NEET) as of the third quarter of 2023. The survey further revealed that females, totaling 1.2 million, significantly outnumbered males, who accounted for 715,691 of the NEET youth. Regionally, one in every three NEET youth resided in the Greater Accra Region, with over half a million (565,360) youth disengaged from education, employment, or training. Initiatives like ‘Back to Basics’ are crucial in addressing the pressing unemployment challenge facing the country.
