89 small businesses receive GH¢8 million support
total of 89 small businesses have received GH¢8 million financial support aimed at cushioning businesses against the impact of COVID-19.
The disbursement is the second phase of the Ghana Economic Transformation Project (GETP) being implemented by the Ghana Enterprises Agency (GEA) with funding from the World Bank.
The beneficiary businesses operate in various sectors including agriculture, agro-processing, food and beverage, healthcare and manufacturing, education, and cut across the country.
They would receive between GH¢20,000 and GH¢55,000 grant to support their operational costs, including the purchase of raw materials and equipment.
At an orientation and agreement signing ceremony for the beneficiaries in Accra on Friday, Chief Executive Officer (CEO) of the GEA, Mrs Kosi Yankey-Ayeh, said the disbursement was the new round of the stimulus packages introduced by the government to cushion SMEs from the impact of COVID-19.
She explained that most small businesses, owing to the pandemic had cease operations and close down, resulting in livelihood losses.
The grant, was thus introduced as part of the government’s initiative to promote private investments and growth in non-resource-based sectors.
According to her, the second phase of the grant programme was to provide liquidity and support for Small and Medium Scale Enterprises (SMEs) in selected sectors to enable them to adjust and to grow out of the COVID-19 crisis.
Mrs Yankey-Ayeh stated that the nationwide grant programme would focus on only SMEs most impacted by the COVID-19 pandemic, as well as those who showed resistance during the pandemic.
She explained that the second phase of the grant programme was expected to spur the recovery of SMEs.
“It will focus strongly on export firms, female-owned enterprises, companies owned by persons with disability and youth enterprises,” she said.
During the phase one of the project which covered the period between September 2021 and March 2022, she said US$5 million was disbursed to over 370 SMEs.
Out of the 370 SMEs, she said 158, which were women-owned enterprises, were advanced various grants at a value of GH¢10.5 million.
The CEO cautioned the beneficiaries against misusing the grants adding that “use the funds efficiently to support the rebuild of the economy and if you do not use the money for the intended purpose will be made to refund.”
The Deputy Minister of Trade and Industry, Nana Ama Dokua Asiamah-Adjei reiterated government’s commitment to support the growth and expansion of SMEs and contribute to the overall development of the economy.
The GETP grant, she explained, was another initiative to complement the Coronavirus Alleviation Programme Business Support Scheme (CAP-BuSS) in providing needed support to SMEs.
“This grant is provided to ensure that SMEs are supported amid the ravages of COVID-19 to create additional jobs to address the country’s unemployment situation,” he said.
BY CLAUDE NYARKO ADAMS
