Cameroon’s Head of State President Paul Biya has promised the creation of a Guarantee Fund to help boost startups, and Small and Medium Size Enterprises.
President Paul Biya revealed this plan in his traditional Youth Day address to young Cameroonians every February 10.
In addition to it, a National Employment Council will be set up by the state. It will be expected to “provide solutions, and to reverse the unemployment trend and improve the productivity of enterprises” according to President Paul Biya.
The President highlighted that the said project will, “provide project initiators and start-ups with the requisite guarantee to raise capital from financial markets, it obtains financing from traditional banks.”
Still, on youth employment, the president revealed that several ministries with employment potential have taken strides to address the unemployment concerns among youths.
In 2021, President Paul Biya noted that “… all these programs and projects were financed to the tune of 190 Billion FCFA.”
To him, it is the highlight of a critical role played by the Small and Medium Size Enterprises in Cameroon’s economy.
Not resting on its laureates, the President reassured that more will be done to mobilize additional resources for Small and Medium Size Enterprises with the support of development partners.
These measures of curbing unemployment amongst youths to President Biya, will ensure that youth entrepreneurship become the key driver to Cameroon’s economic and social transformation.