HR specialist discusses challenges faced by young entrepreneurs in Ghana — MyJoyOnline
Human resources specialist Bestman Koku Phil said that it is difficult for young men in Ghana to start their own businesses because of problems accessing financing and a lack of support. He said this on The Brotherhood programme on Joy Prime, MyJoyOnline reports.
Access to capital
According to Phil, one of the main obstacles for young men who want to start a business is access to capital. He noted that high bank interest rates make it difficult for young entrepreneurs to obtain funds to establish their own businesses.
The specialist also drew attention to banks' requirements for potential borrowers. According to him, banks may require a detailed business plan, collateral, a personal credit score, a financial contribution and personal guarantees.
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Lack of support
In Bestman Koku Phil's view, insufficient support from individuals and institutions further complicates starting a business. He also expressed concern about the pressure young men face while trying to raise capital and establish themselves in the business world.
Phil noted that men and boys make considerable efforts to survive in the entrepreneurial environment. Despite the difficulties, he urged young men not to give up and to work persistently to achieve their goals.
