Through the Ghana Enterprises Agency (GEA), the government has initiated the distribution of GH¢35 million in grants to a select group of 270 micro, small, and medium enterprises (MSMEs). This effort is part of the Technical Assistance and Grant Programmes within the Ghana Economic Transformation Programme (GETP).
The financial grants will empower the recipients to support diverse projects, encompassing the procurement of machinery and equipment, working capital, and investments in crucial last-mile infrastructure.
Under the umbrella of the Ghana Economic Transformation Project, the Technical Assistance and Grant Programmes consist of three distinct categories: Youth in MSME, Women MSME, and SME High Growth Programmes, all of which have received funding from the World Bank.
At a grant-signing event held in Accra, Minister of Trade and Industry, Kobina Tahiru Hammond, emphasized that this initiative reflects the government’s commitment to reinforcing local enterprises and positioning them as robust contributors to economic expansion and transformation.
He further underscored that this program is in alignment with the Ministry of Trade and Industry’s drive to cultivate SMEs into dynamic drivers of growth.
“Through a focused and strategic approach, Ghana aims to transform its economy by promoting the establishment and growth of industries across various sectors. To achieve this, the government follows a strategic roadmap that seeks to improve the competitiveness of local MSMEs and position them to benefit from existing and future global or regional trade opportunities – such as the African Continental Free Trade Area (AfCFTA) initiative.
“It is expected that the investment made, as marked by the agreements signed today, will yield the desired results which will be crucial in transforming the business landscape. It is our earnest desire that these resources will help to boost production, exports and innovation across the MSME landscape,” the minister said.