A sum of GHC 35 million in grant support is slated for distribution among 270 carefully selected micro, small, and medium-scale enterprises (MSMEs) nationwide under the Ghana Economic Transformation Project (GETP).
This initiative is being carried out by the Ghana Enterprises Agency (GEA) with funding from the World Bank.
These recipient MSMEs are among those that have enrolled in the Youth in MSME, Women MSME, and SME High Growth programs, which offer financial and technical aid.
These businesses span various sectors, including agriculture, agro-processing, textiles, garments, transportation, logistics, food and beverages, as well as tourism and hospitality.
During a signing event for the grant agreement in Accra, Minister of Trade and Industry, K.T. Hammond, emphasized that these programs are integral to the government’s commitment to bolstering local enterprises, positioning them as viable entities for economic advancement.
Hammond pointed out that these programs aim to enhance the competitiveness of local MSMEs, positioning them to leverage current and future global or regional trade prospects, including initiatives like the African Continental Free Trade Area (AfCFTA).
The Women MSME Program, according to Hammond, will play a role in reducing gender disparities concerning capital access while also supporting entrepreneurship education and training.
The Youth in MSME program is tailored to empower young entrepreneurs to utilize e-commerce, social media, and digital marketing to promote their products, expand their businesses, and explore new avenues for growth and revenue generation.
Hammond stated that the SME High Growth program will further reinforce endeavors to foster growth and employment generation through industrialization, along with enhancing exports to boost revenue.
Addressing the beneficiaries, Hammond encouraged strategic utilization of the grant to enhance their businesses, assuring them of consistent monitoring and supervision by the Ministry and GEA to ensure proper fund usage.
Kosi Yankey-Aryeh, CEO of GEA, revealed that over GH¢65 million had been disbursed to nearly 800 SMEs between September 2021 and January 2023, as part of various GEA programs. Approximately 40 percent of these funds were directed towards women-owned enterprises, benefitting 311 businesses in the same timeframe.
She highlighted the positive impact of this support, noting a KPMG survey from December 2022 that indicated 3,195 jobs had been both created and sustained by 311 firms receiving GEA’s grant assistance. This not only led to profitability and staff retention but also facilitated expansion and additional employment opportunities.
Regarding the SME High-Growth program, Yankey-Aryeh emphasized its purpose to elevate businesses’ operational efficiency, competitiveness, and scale, ultimately resulting in job creation. In addition to financial assistance, these beneficiary businesses will also receive technical support to enhance their operational capabilities and boost revenue.