Make the most of funds disbursed to you – GEA boss tells enterprenuers
The CEO of the Ghana Enterprises Agency (GEA), Kosi Yankey-Ayeh has urged beneficiaries of government’s Covid-19 Response Grant to utilise the funds allocated them in order to stand a chance to receive another disbursement when a new intervention or support programme is rolled out.
According to the GEA boss, In the past three years, over US$180m have been invested in MSMEs across the country, with her outfit being able to strengthen them, as well as their impact been felt, and adds that they have been very proud of their evaluation.
Speaking to journalists on the side of a Grant Contract Signing Ceremony of the Sectoral Expansion of the Covid-19 Response Grant Programme in Accra on Monday, she said “Our advice to them is that, they need to utilize the funds because people assume that they would not come back for support but they always come back, it is something we have seen -under the CAPBUSS, those who got the nods, those who had come back for the grants , we actually put a hold on giving them funding because they had not paid some of their loans , so you see people actually go and take and pay if off.
There are some who genuinely have challenges with their businesses, but those who will misuse the funds and we try to stop, so we advise them; use it because this project does not end here, next year in the second week of January, we are going to roll out a major programme and that intervention will also expand and grow businesses and if we are going to do that and you have not utilized your funds properly, then you are not going to benefit and support your business, so if you are serious about growing your business, this is the time to take advantage of our interventions.”
103 beneficiaries
Under this fourth signing ceremony, 103 beneficiaries received in excess of GHc10m under the phase two of the Covid-19 Response Grant, Mrs.Yankey-Ayeh revealed.
Further, she stated that in the past three to four months, including the fourth signing ceremony, investment made in the total grant signing has reached GHc37m to
these businesses and “we are very excited by what we have been able to achieve especially at a time when the whole world is going through certain challenges.”
“For this second phase, over 400 businesses have been impacted, we haven’t really started counting the jobs created because it is three months but if you look at our last intervention, it is 373 businesses over 1500 jobs were created.”
Grant details
The grant is being implemented under the World Bank funded Ghana Economic Transformation Project (GETP).
It is targeting small businesses with employees between six and 100 and those with annual turnover between GH¢180,000 and GH¢21.6 million.
To be able to access the fund, SMEs also need to have business operating certificates and submit financial statements or income statements between 2019 and 2021.
The fund must be used to purchase machinery and equipment, or technology, equipment installation and repair costs, working capital expenses including purchase of raw materials and marketing costs and payment of rent.
Special attention will also be given to women-owned enterprises and enterprises using green technologies.
