GEA supports 270 MSMEs with GHS 35m grants to catalyze economic transformation
The Ghana Enterprises Agency (GEA) has launched an ambitious initiative, kickstarting the distribution of GH₵35 million in grants to a carefully selected cohort of 270 micro, small, and medium enterprises (MSMEs).
Championed under the Technical Assistance and Grant Programmes of the Ghana Economic Transformation Programme (GETP), these grants promise to fortify businesses across sectors, reinforcing machinery acquisition, bolstering working capital, and enhancing last-mile infrastructure investments.
The Ghana Economic Transformation Project, funded by the World Bank, fuels this paradigm-shifting endeavor, segmented into three pivotal categories – Youth in MSME, Women MSME, and SME High Growth Programmes. Each facet amplifies the country’s commitment to facilitating grassroots enterprise growth and cultivating an ecosystem that incubates sustainable economic expansion.
Speaking from the grant-signing ceremony in Accra, the Minister of Trade and Industry, Kobina Tahiru Hammond, underscored the government’s dedication to fostering local businesses. He highlighted that these initiatives stand as strategic underpinnings for the overarching goal of transforming MSMEs into formidable drivers of economic growth.
Minister Hammond emphasized, “Our roadmap aligns with the broader objective of positioning Ghana as a hub for diverse industries. This entails cultivating competitiveness within local MSMEs and positioning them to harness opportunities emerging from global and regional trade avenues – exemplified by the African Continental Free Trade Area (AfCFTA).”
The Chief Executive Officer of GEA, Kosi Yankey-Ayeh, articulated the ongoing success of the Ghana Economic Transformation Project, revealing that nearly GH₵65 million had already been deployed to nearly 800 SMEs between September 2021 and January 2023 under the GETP. Importantly, a substantial portion of this funding, almost 40 percent, uplifted women-owned enterprises.
Ms Yankey-Ayeh highlighted the multi-faceted interventions that have yielded commendable results, noting, “The SME High Growth Programme, a cornerstone of our strategy, encompasses intensive business management training, mentoring, and capacity upgrades. This high-impact initiative has garnered over 90 percent satisfaction based on a comprehensive survey.”
A nuanced approach, spanning the Youth in MSME Programme and the Women MSME Programme, prioritizes the empowerment of young entrepreneurs and female-led enterprises respectively. Additionally, the grant programmes traverse sectors as diverse as agriculture, ICT, manufacturing, and tourism, strategically amplifying the nation’s diverse economic potential.
As Ghana charts a path towards a more resilient and prosperous economy, this infusion of targeted grants symbolizes a formidable stride toward sustainable growth, echoing the country’s unwavering commitment to harnessing its entrepreneurial prowess.
