In a significant effort to buoy Micro, Small, and Medium Enterprises (MSMEs) grappling with the aftermath of the COVID-19 pandemic, the Chief Executive Officer of the Ghana Enterprises Agency (GEA), Kosi Yankey-Ayeh, has unveiled a staggering disbursement of approximately GHS700 million in funding support.
In an exclusive interview on JoyNews Channel, Mrs Yankey-Ayeh highlighted the historic nature of this investment, emphasizing the meticulous process and thoughtful planning that underpinned the initiative.
“There is a process, and we put a lot of thought into what we do. There is a science to the programme so it is not as easy as people think it is. About GHS700 million has been disbursed so far, and in the history of this [Agency], no such amount has been spent on SMEs,” shared Kosi Yankey-Ayeh.
Under the Coronavirus Alleviation Programme Business Support Programme (CAP BuSS), the GEA provided financial and technical assistance to over 300,000 medium-sized enterprises. Mrs. Yankey-Ayeh detailed that about 15,000 of these businesses also received crucial technical support aimed at fortifying their operations in the face of economic uncertainties.
“The CAP BuSS support, with over 300,000 businesses—men, women, formal, and informal businesses across the length and breadth of this nation—received financial support, and about 15,000 of them at that time also received technical assistance,” she elaborated.
“This was to try and figure out how best we can help them manage the affairs of their businesses and to strengthen them going forward,” she added.
Anticipating the adverse effects of the pandemic, the GEA, in collaboration with the MasterCard Foundation, initiated the “Nkorsor” programme to extend support to businesses nationwide. Mrs. Yankey-Ayeh reported that the program successfully assisted over 20,000 businesses, ensuring broader access to funding and backing those who were unable to benefit from the initial phase of financial assistance.
The Ghana Enterprises Agency, formerly known as the National Board for Small-Scale Industries, serves as the apex governmental body dedicated to the promotion and development of MSMEs in Ghana. Mandated to coordinate, implement, and monitor MSME activities, the GEA’s proactive measures underscore its commitment to supporting businesses amid the challenges posed by the pandemic.
“…and so looking at Nkorsor, we came in to support about 20,000+ businesses with access to funding across the length and breadth of this nation, making sure that we were supporting those who could not benefit from the first phase of the funding as well,” Kosi Yankey-Ayeh stated.