US$160m invested in cushioning MSMEs from pandemic’s impact

Ghana Enterprises Agency (GEA)
The Chief Executive Officer (CEO) of the Ghana Enterprises Agency (GEA), Kosi Yankey-Ayeh, in a group photo at the grant agreement-signing and orientation ceremony
  • as GEA signs grant agreement to disburse GH¢7m to 74 businesses

Government has invested over US$160million in stimulus packages to cushion the country’s micro, small and medium enterprises (MSMEs) from the devastating impact of the coronavirus pandemic, Chief Executive Officer (CEO) of Ghana Enterprises Agency (GEA), Kosi Yankey-Ayeh, has disclosed.

Government’s prompt intervention, according to Mrs. Yankey-Ayeh, touched the lives of over 600,000 people. Describing the intervention as unprecedented, she said her outfit will not relent in efforts to continue offering support to businesses.

“It’s no small thing. People come all the time to see what it is that we are doing. Our access to the finance portfolio has increased; we benefitted and touched the lives of over 600,000 people, something that has never really happened in this country before,” Mrs. Yankey-Ayeh added.

Touching on the grant agreement signing, the CEO said GEA will be disbursing about GH¢7million to 74 businesses under the grant as part of government’s continuous efforts to build a resilient MSMEs sector.

“The funds are expected to hit the accounts of the various businesses within two to three weeks,” she stated.

“We need to look at different ways of engaging the Ghanaian youth…and that’s supporting the private sector to create jobs. Because if you’re successful, you will create the employment,” she stated.

Building the capacity of 50,000 youth

Continuing, Mrs. Yankey-Ayeh said government is further looking at building the capacities of over 50,000 small businesses across the country under the Ghana Jobs and Skills intervention.

The Ghana Jobs and Skills will also be used as a vehicle to support MSMEs to leverage and have access to financing to start or sustain their businesses, she stated.

But to achieve this, Mrs. Yankey-Ayeh said, it will be important for Ghanaians to support government in its revenue generation efforts – which includes accepting the E-levy.

“The work is very big. Where will government get funding? Through the E-levy to support the work we do. We need to rally support and see what the growth will be.

“We can’t keep borrowing; we can’t keep taking from other people. We, as a nation, need to work together to do it together.”


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