Minister for Business Development, Dr Ibrahim Mohammed Awal, has hinted that government is to create a GH¢200 million fund early next year to support young entrepreneurs to sustain their business.

He explained that the initiative has become necessary due to government's commitment to support young Ghanaian entrepreneurs seeking to make a difference in their chosen fields of endeavour, reiterating that "all young Ghanaian entrepreneurs have government's unwavering support".

Speaking at the second edition of 40 under 40 Awards Gala in Accra, he advised business owners to stay true to themselves by adapting high moral standards. This, he said, would help their businesses thrive and grow as expected.

"Lets make sure that ethics permeates all that we do. You will face a lot of challenges in your business but do not cut corners to write your success stories."

He also called on business owners to be morally sound and not to take decisions that would only make them survive today but rather decisions that would make them relevant and survive in the future.

“Gradually, Africa is getting globalized. If you do not produce goods and services that would make you competitive, you cannot succeed”, he stressed. He, therefore, urged them to keep up with their tenacity in remaining sound and relevant in their various business fields.

He added that the current working Ghanaian population is about 12 per cent, with just a little over two per cent fulfilling their tax obligations This, he said, was not good for the economical environment of the country.

He, therefore, called on the under 40 business owners gathered at the event to make it a point to pay all of their taxes and not to renege on them.

The Awards Gala, which is an initiative of Xodus Communications Limited, brought together about 350 guests.

The awards night was aimed at identifying, honouring and celebrating a cross-section of the nation’s most influential and accomplished young business leaders under age 40 from a wide range of industries, who are committed to business growth, professional excellence and community service and have risen through the ranks of their companies or industries at a relatively young age.

Chief Executive Officer for Xodus Communications, Richard Abbey Jnr, said his outfit would continue to celebrate and give opportunities to the next generation of industry pacesetters whiles building a positive attitude in the youth to strive for excellence at a tender age.

Other awards were handed to various sectors such as banking and finance, health and wellness, human resource and development, education, Insurance, Investment.

Dr. Kofi Amoah Abban was crowned winner of the Young Leaders Award while the National Organizer of the New Patriotic Party, Sammy Awuku, won an award in governance.

Country Manager of Betway Ghana, Kwabena Oppong Nkrumah, was adjudged best in Sales, Marketing and Advertising as well as Men's choice award, Rashida Nasamu won in the Communication and Women choice award.

Joe Mettle won in Music with Hip Hop musician, D Black, winning in the Hospitality category.

Philanthropy and not-for-profit Sheriff went to Ghali Abdulai with Dr. Naa Asheley Dordor winning an award for being the first Ghanaian female chiropractor