The President unveiling the GEA logo, with him is Kosi Yankey-Ayeh
President Akufo-Addo on Wednesday launched another recovery fund to help rescue Micro, Small and Medium Enterprises (MSME) from the effects of the Covid-19 pandemic.
The fund, which will be disbursed by the now the Ghana Enterprises Agency (GEA) and formerly the National Board for Small Scale Industries (NBSSI), involves a whopping GH¢145million.
It forms part of government’s effort to help MSMEs recover from the impact of the COVID-19 pandemic on their businesses.
Speaking at the launch in Accra, President Akufo-Addo pointed out that the NPP administration will continue to find innovative ways to support the recovery efforts of small scale enterprises in the country.
“I am also launching the GEA MSME grant fund, established to support SMEs to recover from the effects of COVID-19 and also help them to resuscitate their operations under the Ghana Economic Transformation Project backed by the World Bank,” he said.
Disbursement of this grant amount of GHc145million will be given to between 250 to 350 SMEs to help them grow into sustainable businesses capable of competing on regional, continental and global stages.
For President Akufo-Addo “this is just the beginning, the best is yet to come and government will help ensure that the sector receives more support to help in its transformation process.
He expressed delight in the birth of the Ghana Enterprises Agency (GEA) which is an institution designed to support Ghanaian MSMEs.
The MSME sector, he said employs more than 80% of the country’s work force and generates some 70% of the gross domestic product (GDP).
He said the critical role played by MSMEs makes the GEA an important development in the nation’s trade and industry sector.
“One of the priorities of my government since I assumed office in January 2017 has been to transform the structure of our economy from one characterized by being producers and exporters of raw materials to a value added and industrialized one which will create the necessary numbers of jobs needed for the masses of Ghanaian youth”, he noted.
He was of the belief “we cannot realize this vision fully without creating a strengthening an agency for the MSME sector to play a lead role in the transformation process.”
On her part, the Chief Executive Officer (CEO) of the rebranded NBSSI to Ghana Enterprises Agency, Kosi Yankey-Ayeh, said the new agency is ready to work with all MSMEs in the country to support their recovery from the impact of COVID-19 and to spare rapid growth in the sector.
She pledged the GEAs commitment to ensure equitable distribution of support to entrepreneurs and their MSMEs.
“The next four years will see an increase in the number of beneficiary and funding support for Ghanaians. we will have a transformed institution that seeks to build Ghanaian businesses, create jobs and support a strong economy” Kosi Yankey-Ayeh said.
The GEA
The Ghana Enterprises Agency, formerly NBSSI is a government agency under the Ministry of Trade and Industry.
It is mandated by Act 1043 to promote and develop MSMEs in Ghana.
It came to replace the NBSSI in November 2020 with the of aim to interrelate, administer and stimulate the development of Micro, Small, and Medium Scale Enterprises (MSMEs).
By Charles Takyi-Boadu