The Ghana Enterprise Agency (GEA) has signed a grant award with SMEs to disburse up to GH¢20.6 million under the second phase of the COVID-19 Response Grant Programme to some 135 enterprises.
The initiative forms part of the World Bank Ghana Economic Transformation Project and is expected to further deepen and catalyse recovery of SMEs in selected sectors of the economy, and provide liquidity and support to enable them confront post COVID-19 setbacks.
The project in its first phase disbursed some GH¢28.7 million to more than 370 SMEs between September 2021 to March 2022, with 158 women-owned businesses as beneficiaries. With an additional grant value of GH¢38 million in the offing under the second phase, the funding project is expected to have a strong focus on exporters and export-oriented firms.
Speaking at the signing ceremony, GEA’s CEO Kosi Yankey-Ayeh said the Grant programme’s goal is to ensure that businesses are resilient and ready to help transform the economy. She said the programme is designed to strengthen the economy, build industries and strengthen the business ecosystem to deal with unforeseen shocks or challenges.
With government’s agenda to support Micro, Small and Medium Enterprises (MSMEs) and strengthen women-owned businesses, Mrs. Yankey-Ayeh disclosed that beneficiaries of the GEA SME Grant programme have created a minimum of 134 new permanent and 156 casual jobs within the period.
Deputy Minister of Trade and Industry, Nana Ama Dokua Asiamah Adjei, said government’s resolve to support SMEs’ recovery from devastating socio-economic impacts of the COVID-19 crisis is an unending phenomenon. She reiterated that the Trade Ministry and its various agencies are working assiduously to ensure that SMEs are offered the best support in the post-pandemic era and within the current economic crisis.
The GEA is a key technical implementing agency (TIA) through which the World Bank-funded Ghana Economic Transformation Project (GETP) is being executed.
