The Northern Region office of the National Board for Small Scale Industry (NBSSI) is to provide financial literacy training programme for Micro, Small, and Medium Scale Enterprises (MSMEs) which received financial support under the Coronavirus Alleviation Programme Business Support Scheme (CAP BuSS) in the region.
The training will be organised for applicants in the ten Metropolitan, Municipal and District areas in the regional capital. The training will enable beneficiaries to keep proper business and financial records, cost estimation, good pricing, accounting among others to assess the support’s impact on their businesses.
At the end, the applicants will be expected to provide an accurate account showing how the funds were used. The CAP BuSS is made up of two components, one comprising microcredit and the small loans provided by government during the pandemic period to enhance their business activities, while the other is providing technical support for NBSSI to take the applicants through the literacy training programme.
The Northern Regional Manager for NBSSI, Baba Alhassan Yunus, in an interview with the B&FT said lack of proper records by the beneficiaries will make it difficult for the organisation to assess the support’s impact.
“During the pandemic, it is observed that many MSMEs in the country have been affected by the outbreak. Government decided to initiate a programme to support the MSMEs. It requires additional capital to expand their business in order to meet the growing demand for COVID-19 pandemic-related goods and services,” he said.
“Once we are able to support them to grow their record-keeping potentials, it will go a long way to help us achieve objectives of the CAP BuSS initiative,” he added.
The CAP Business Support Scheme was launched by President Nana Addo Dankwa Akufo-Addo as part of measures to effectively manage the country’s social and economic recovery by providing support to MSMEs in the formal and informal sectors affected by the economic downturn caused by the COVID-19 pandemic.