The Ghana Enterprises Agency (GEA), in partnership with various ministries and agencies have signed agreement to provide support to enhance the skills and capacities of 450 selected enterprises and individuals in the Micro, Small and Medium Enterprises (MSMEs) under the YouStart Ghana Jobs and Skills Project (GJSP) and the Ghana Economic Transformation Project (GETP) across the country.
The beneficiaries were businesses spanning diverse range of industries, highlighting the dedication of the government to supporting both start-ups and existing MSMEs, aimed at providing opportunity for them to develop their potential for innovation, sustainability, growth, and job creation.
Ministries and agencies providing the support are the Ministry of Trade and Industry (MOTI), Ministry of Finance (MoF), National Entrepreneurship Innovation Programme (NEIP), and other key stakeholders.
Speaking at the grant signing ceremony yesterday in Accra, the Chief of Staff, Akosua Frema Osei-Opare, said over GH¢160 million has been disbursed to support local businesses since the inception of these initiatives, with additional grants of over GH¢15 million being awarded to the 450 firms, start-up enterprises and individuals.
She said the Ghana Economic Transformation Project, as at July 31, 2024, had disbursed a total amount of GH¢66,821,388.10 under the COVID-19 Response Grant, GH¢19,288,589.79 to youth businesses under the Youth in MSME, and GH¢20,914,928.47 to women-led businesses under the Women Micro Small Medium Enterprises Grant.
She said GH¢447,180 has been disbursed to persons with disability (PWDs) under the PWD Enterprise Support Programme, and GH¢38,386,936 under the Enterprise Grow Programme.
She also said the grant award signing ceremony for the YouStart intervention and the Ghana Economic Transformation Project was a demonstration of the collective commitment by the various institutions to foster economic resilience and creating opportunities for Ghanaians.
She added that the Office of the President plays a crucial role in the strategic allocation of the nation’s limited resources and to ensure that the resources were used to drive maximum impact for the benefit of Ghanaians.
“Grants are prime examples of such strategic investments, aimed at bolstering the MSME ecosystem, which is vital to our economic fabric. Micro, Small, and Medium Enterprises (MSMEs) are integral to our economy, contributing significantly to GDP and employment.
“We envision a thriving and resilient economy driven by the growth of MSMEs, industrialisation, innovation, robust international trade, the reduction of youth unemployment, and economic development,” she added.
According to the Chief Executive Officer (CEO) of the Ghana Enterprises Agency, Kosi Yankey-Ayeh, the competitive grant programme underscores the government’s commitment to creating jobs by providing essential resources, including funding and support mechanisms, to ensure the success of the selected start-ups and established businesses.
Mrs. Yankey-Ayeh disclosed that, since September 2021, over 30,000 emerging businesses have undergone extensive training. Between September 2021 and June 2024, with more than GH¢100 million in grants, disbursed through the Ghana Enterprises Agency.
She further indicated that the collaborative efforts between government entities, the private sector, and esteemed partners, including the World Bank, have been crucial to the success of these initiatives extending beyond financial support, representing a significant investment in the potential of Ghanaian citizens.
By combining funding with tailored training, mentorship, coaching, and monitoring, the government is creating an ecosystem where entrepreneurship and innovation can thrive, driving Ghana toward sustained economic growth and prosperity.
Mrs. Yankey-Ayeh added that the grant also reaffirms the government’s commitment to supporting PWDs as the first of its kind globally to empower PWDs.
“As the nation celebrates this historic grant award signing and orientation ceremony, it reaffirms its commitment to creating ample economic opportunities, reducing social challenges, and inspiring the youth toward a more prosperous future. This collective effort reflects Ghana’s dedication to inclusive and sustainable development, aligning with global progress and equity goals,” she stressed.
Also present at the signing ceremony were K.T. Hammond, Minister of Trade and Industry, Mr. Kofi Ofosu Nkansah, CEO of NEIP, along with representatives from various government ministries, World Bank delegates, development partners, grant beneficiaries, trade associations, and community leaders.
By Ebenezer K. Amponsah