Invest in Africa (IIA), a not-for-profit organisation focused on growing local Small and Medium Enterprises (SMEs) in Ghana and across sub-Saharan Africa to deliver positive economic impact and create jobs, has signed a Memorandum of Understanding (MoU) with the Ghana Enterprises Agency (GEA).
Based on synergies identified through their respective Recovery and Resilience Programmes funded by the Mastercard Foundation, both organisations are collaborating to strengthen the resilience of local businesses and young entrepreneurs.
The MoU, signed 7th July 2021, will be valid for 12 months and support between 500 to 1,000 Micro, Small and Medium Enterprises (MSMEs). Business Development Services (BDS) and training aimed at improving compliance and regulatory standards in the food and beverage manufacturing industry will be one of the interventions of focus. As the industry expands across Ghana, there is wide acknowledgement that lack of knowledge and training in safety standards pose a potential barrier to its continued growth.
The GEA is an Agency under the Ministry of Trade and Industry (MoTI) mandated to promote and develop the MSME Sector in Ghana. Since the COVID 19 pandemic, the GEA has focused on supporting local businesses as they navigate challenges resulting from the pandemic and begin preparing for opportunities created by the African Continental Free Trade Agreement (AfCFTA).
Commenting on signing the MoU, IIA Ghana Country Director, Carol Annang said: “We are privileged to join forces with GEA, as we look to build back better following the pandemic’s effects. The synergies between us will ensure we deliver considered interventions to help the food and beverage industry back onto its feet. However, this is only the beginning; we recognise the potential this sector has, and will help MSMEs target opportunities that arise as a result of the AfCFTA”.
The Chief Executive Officer of GEA, Mrs. Kosi Yankey-Ayeh stated: “The growth in this sector over the last few decades has been astounding – proving to be a bedrock for sustainable employment opportunities across the country. We want to continue increasing that contribution to the economy as we strive to endlessly improve standards and hold ourselves to better knowledge-sharing and capacity building, which will help to further strengthen our MSMEs”.