Kosi Yankey-Ayeh
TWO MASTERCARD Foundation partners have signed a memorandum of understanding (MoU) to support 1,000 micro small and medium enterprises (MSMEs) in order to strengthen their resilience.
The collaboration between the Ghana Enterprises Agency (GEA) and Invest in Africa, a not-for profit organisation, is based on synergies identified through respective recovery and resilience programmes funded by the Mastercard Foundation.
Both organisations are expected to, among other things, provide business development services (BDS) and training aimed at improving compliance and regulatory standards in the food and beverages manufacturing industry within a 12-month period.
This will also help to bridge the wide knowledge gap on safety standards in manufacturing since it poses a potential barrier to the growth of businesses.
The GEA, an agency under the Ministry of Trade and Industry (MoTI), is mandated to promote and develop the MSME sector in Ghana.
Since the Covid-19 pandemic, the GEA has focused on supporting local businesses as they navigate challenges resulting from the pandemic and begin preparing for opportunities created by the African Continental Free Trade Agreement (AfCFTA).
Country Director of Invest in Africa, Carol Annang, at the signing ceremony, expressed optimism of strengthening synergies between both organisations in order to ensure that the interventions “help the food and beverages industry back onto its feet”.
“However, this is only the beginning, we recognise the potential this sector has and will help MSMEs target opportunities that arise as a result of the AfCFTA,” she said
Chief Executive Officer of GEA, Kosi Yankey-Ayeh, also said that the growth in the sector over the last few decades has been astounding, proving to be a bedrock for sustainable employment opportunities across the country.
“We want to continue increasing that contribution to the economy as we strive to endlessly improve standards, hold ourselves to better knowledge sharing and capacity building which will help further strengthen our MSMEs.”