The Ghana Enterprises Agency (GEA), in collaboration with various ministries and agencies, has signed an agreement to support the skills and capacities of 450 selected Micro, Small, and Medium Enterprises (MSMEs) across the country through the YouStart Ghana Jobs and Skills Project (GJSP) and the Ghana Economic Transformation Project (GETP).
The recipients were firms from a wide range of industries, demonstrating the government’s commitment to assisting both start-ups and current MSMEs by providing opportunities for them to realize their potential for innovation, sustainability, growth, and job creation.
The National Entrepreneurship Innovation Program (NEIP), the Ministry of Trade and Industry (MOTI), the Ministry of Finance (MoF), and other significant stakeholders are among the ministries and organizations offering the support.
Speaking at the grant signing ceremony yesterday in Accra, Chief of Staff Akosua Frema Osei-Opare stated that since the start of these initiatives, over GH¢160 million has been disbursed to support local businesses, and that additional grants totaling over GH¢15 million have been awarded to the 450 firms, start-up enterprises, and individuals.
She stated that as of July 31, 2024, the Ghana Economic Transformation Project had awarded GH¢66,821,388.10 to youth businesses under the Youth in MSME program, GH¢19,288,589.79 to youth businesses under the COVID-19 Response Grant, and GH¢20,914,928.47 to women-led businesses under the Women Micro Small Medium Enterprises Grant.
She revealed that under the PWD Enterprise Support Program, GH¢447,180 has been given to persons with disabilities (PWDs), and under the Enterprise Grow Program, GH¢38,386,936.
She added that the grant award signing event for the Ghana Economic Transformation Project and the YouStart intervention showed the institutions’ joint commitment to promoting economic resilience and generating opportunities for Ghanaians.
She continued that the Office of the President, is essential to the wise distribution of the nation’s meager resources and to ensuring that they are used to their fullest potential for the good of
Ghanaians.
“One of the best examples of these strategic investments is a grant, which is intended to support the MSME ecosystem, which is essential to our economy. Our economy depends heavily on Micro, Small, and Medium-Sized Enterprises (MSMEs), which generate substantial employment and GDP contributions.
“We see a robust and flourishing economy powered by the expansion of micro, small, and medium-sized enterprises (MSMEs), industrialization, innovation, strong international trade, the decline in youth unemployment, and economic development,” she continued.
According to Kosi Yankey-Ayeh, Chief Executive Officer (CEO) of the Ghana Enterprises Agency, the competitive grant programme demonstrates the government’s commitment to job creation by providing critical resources, such as funding and support mechanisms, to ensure the success of selected start-ups and established businesses.
Mrs. Yankey-Ayeh revealed that since September 2021, more than 30,000 emerging businesses had received thorough training. Between September 2021 and June 2024, about GH¢100 million in grants will be disbursed through the Ghana Enterprises Agency.
She went on to say that the success of these initiatives, which go beyond financial support and represent a substantial investment in the potential of Ghanaian citizens, has been greatly attributed to the cooperative efforts between government agencies, the private sector, and prestigious partners, such as the World Bank.
The government is fostering an environment where entrepreneurship and innovation may flourish by combining funding with specialized training, mentorship, coaching, and monitoring. This will help Ghana achieve long-term economic growth and prosperity.
The grant, which is the first of its type in the world to empower PWDs, further confirms the government’s commitment to helping PWDs, Mrs. Yankey-Ayeh continued.
“The country is reaffirming its commitment to developing plentiful economic possibilities, alleviating social issues, and motivating the youth toward a more prosperous future as it
celebrates this historic grant award signing and orientation event. This team effort demonstrates Ghana’s commitment to equitable and sustainable development, in line with the objectives of global advancement and equity, she emphasized.
K.T. Hammond, Minister of Trade and Industry, Mr. Kofi Ofosu Nkansah, CEO of NEIP, representatives from other government ministries, World Bank delegations, development partners, grant recipients, trade associations, and community leaders were also present at the signing ceremony.
BY: APPIANIMAA MERCY
