Whitehall Advisors Limited, a management consulting firm, in partnership with Africa Skills Hub (formerly Africa Internship Academy), a youth employment and business incubator organisation based in Accra, Ghana – has set up an SME Support Fund to assist 1000 businesses in Ghana for the next two years.
The fund forms part of both entities new strategy for deepening their support to small and medium scale enterprises in Ghana.
Executive Director of Africa Skills Hub, Daniel Amoako Antwi, said: “Access to finance continue to be a significant challenge for many SMEs in Ghana, and with this pandemic, it is more difficult now. This fund will provide assistance to small business owners impacted by the coronavirus pandemic.”
Deputy Managing Partner of Whitehall Advisors, Dr Richard Ayisi, said: “Small and medium businesses are the backbone of our economy. Up to 90% of all businesses that get registered every year are SMEs. They account for about 70% of Ghana’s GDP and employment. However, support systems to these businesses have been woefully inadequate over the years. This fund will contribute to closing the gap.”
The fund will, among others, support Ghanaian owned businesses especially women entrepreneurs. To be eligible, the business must demonstrate financial and commercial viability.
“We will also evaluate the borrower’s risk profile and ensure this fall within acceptable levels. Furthermore, businesses will have to demonstrate the negative impact of COVID-19 on their operations – that they were commercially viable prior to the pandemic, and that they can return to viability, preserve jobs and contribute to the recovery of the economy.”