About ten thousand businesses and start-ups are up to benefit from a new initiative by the Asantehene, Otumfuo Osei Tutu II, as a tool to rebuilding after Covid-19 through an authentic entrepreneurship renaissance.

Known as the Otumfuo Entrepreneurship Challenge, it is aimed at addressing both underemployment and the unemployment situation in the Ashanti region and by extension Ghana.

The main objective is to provide relevant support for the youth in the Ashanti Region to start, grow, build and expand their businesses.

Under the auspices of the Otumfuo Osei Tutu the Second Foundation, the project is expected to last for five years, after which depending on the success will be extended.

The project will be implemented by industry players and experts from the Foundation and professionals from Ashesi University.

Project Lead, Michael Kwatia says the initiative comes from Asanteman aimed at mainly helping Asanteman youth to start and grow businesses that will create wealth.

“…we are targeting to engage with over ten thousand businesses, and provide direct support to about 1,000 businesses, and financial to support to over 50 businesses over the five-year period”.

The challenge will also target the indigenous businesses and empower them.

Mr Kwatia is positive this will address the challenges businesses face in the informal sector.

“…one of the things we hope this project will achieve is a lot of formalization of the informal sector businesses. So it is not a project designed for high-level business projects but rather our indigenous type of businesses that solves our daily problems, that we can help grow and expand.

The Challenge begins on November 1. The form will be through an application online.

Officials say once an application satisfies the main objectives of being able to create jobs and skills and solve local problems then the expert job is to help these businesses grow over a period of time.