GEA disburses GH¢10million to 103 MSMEs

GEA disburses GH¢10million to 103 MSMEs

The Ghana Enterprises Agency (GEA) has disbursed about GH¢10million to 103 Micro, Small and Medium Enterprises (MSMEs) that applied for a portion of the Ghana Economic Transformation Project (GETP) grant.

The beneficiaries were selected after meeting the rigorous criteria designed by the GEA, the World Bank and other development partners of the government.

The beneficiaries are mainly owners of small businesses in agro-processing, food and beverage, healthcare and manufacturing and cut across the country.

Speaking at the grant agreement signing ceremony in Accra, the Chief Executive Officer (CEO) of the GEA, Kosi Yankey Ayeh: “Today, we are signing off the fourth batch of 103 beneficiaries of Small and Medium, Enterprises (SMEs) under the COVID-19 Response Grant Program. And, in total, 400 SMEs have been supported with over GH¢37 million to support their businesses.”

She said the liquidity support being extended to the MSMEs is expected to promote private investments and high growth firm in non-resource-based sectors such as Agriculture/Agro-processing, Hospitality, Manufacturing and Textiles & Garments.

“This new Phase is targeted at firms that export or have the potential to export; female-owned enterprises; businesses owned by persons with disability, and those owned by young people between the ages of 18 and 40,” she said. “And, the applicants who have made it to this point today are those who have demonstrated their preparedness and desire to grow their businesses to make impact and create more jobs,” she added.

Mrs. Yankey-Ayeh pleaded with the beneficiaries to use the grant responsibly, saying: “Utilize this investment by the Government of Ghana for its intended purpose to grow and develop your businesses. That way you will be in a position to pay it forward by employing more people and paying your taxes. It is also the only way to convince us and our partners to give you more in the future.”

The roll out of the Coronavirus Alleviation Programme Business Support Scheme (CAP BuSS) by the President, Nana Addo Dankwa Akufo-Addo has seen more than 300,000 businesses receiving support, the Mastercard Foundation funded COVID-19 Recovery and Resilience Program (Nkosuo Program) and a host of other programs since March 2020 are to ensure that businesses stayed afloat due to the economic challenges the coronavirus pandemic has caused and continues to cause for nations around the world.

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