The scheme is to reward and motivate best performing students in level 100 and 200 of college every year.
Mr. Dumelo made the announcement when he was speaking at the 3rd SRC Week Celebration of the St. Teresa College of Education on Wednesday May 24, 2017 at Hohoe.
The entrepreneur also donated an amount of One Thousand Ghana Cedis (GHc1,000) to support the week celebration.
John Dumelo also has scholarship scheme which sponsors needed but brilliant students in some universities in Ghana.
Last two weeks, he announced to support start-ups in the country through free advertisement and publicity on the social media.
See some photos: