The government, through the Ghana Enterprises Agency (GEA), has awarded 270 selected Micro, Small, and Medium Enterprises more than GHS35 million in grants to fund various projects.
The projects include machinery and equipment purchase, working capital, and last-mile infrastructure investments.
Beneficiaries of the Technical Assistance and Grant Programmes include the Youth in MSME, Women MSME, and the SME High Growth Programmes, all of which are funded by the World Bank under the Ghana Economic Transformation Project.
The SME High Growth Programme, which was piloted in October 2022, has been focused on technical assistance which involves a 4-month intensive business management training and capacity upgrade/mentoring plan.
The SME High Growth Programme is now being implemented at full-scale across the country since May 2023 following a successful pilot of the Programme. With the target to assist 2,000 High Growth SMEs across the country, the programme aims to boost productivity and competitiveness, enabling these businesses to scale up their operations, increase sales, and create sustainable jobs.
Additionally, the Youth in MSME Programme has extended the age limit to 40 years, encompassing young entrepreneurs between the ages of 18 to 40. This extension allows for greater inclusivity, welcoming businesses that previously could not participate due to age restrictions.
Furthermore, the Women MSME Programme exclusively supports female-owned enterprises, fostering gender diversity and empowerment within the business community.
Addressing the audience at a grant signing ceremony, the Minister of Trade and Industry, Mr K.T. Hammond, said the three grant programmes formed part of the Government’s effort at strengthening local businesses and positioning them as viable entities for economic growth and transformation.
He said 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.
He said the government’s Industrial Transformation Agenda sought to give small and medium businesses the needed boost to survive to impact the objective of job creation.
He said beneficiaries of the grants would be actively monitored and coached to ensure that the GETP met its stated goal of increased sales and job creation.
‘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,’ the Minister added.
Mrs Kosi Yankey-Ayeh, Chief Executive Officer, GEA said the beneficiary MSMEs were selected from keenly subscribed Technical Assistance and Grant Programmes ranging from the Youth in MSME, the Women MSME, and the SME High Growth Programmes all of which are funded by the World Bank under the Ghana Economic Transformation Project (GETP).
She challenged all Grant and Technical Assistance beneficiaries to focus on their businesses, aim to move another notch higher from their current firm size to the next level of growth.
That is, we expect micro enterprises to grow into small firms, small into medium and medium enterprises should transition into large corporates with improved job creation capacities, incremental sales, become innovative, competitive and contribute to growth in our economy, she added.
The Ghana Economic Transformation Project’s past interventions have showcased remarkable success, with over GHS 65 million disbursed/committed to nearly 800 SMEs between September 2021 and January 2023. Notably, approximately 40 percent of the funding went to women-owned enterprises, emphasizing the importance of gender-balanced support for business growth.
Through the interventions, over 3,195 jobs have been sustained and created by 311 supported firms, a testament to the positive impact on job creation and economic growth in the region.
The Grant Programmes target MSMEs across various sectors, including Agriculture/Agro-processing, Construction, Education, Food and Beverages, Healthcare, ICT, Manufacturing, Textiles
and Garments, Tourism and Hospitality, Trade/Commerce in locally produced goods, and Transport and Logistics.
Ghana Enterprises Agency remains committed to supporting the growth and development of MSMEs, aiming to transform them into large Enterprises, that contribute significantly to Job creation and Economic Prosperity.
Source: Ghana News Agency