The government of Ghana has given grants totalling more than GH₵ 35 million to 270 chosen Micro, Small, and Medium Enterprises (MSMEs) to support various projects.
The projects involve the purchase of machinery and equipment, working capital, and investments in last-mile infrastructure.
Youth in MSME, Women in MSME, and SME High Growth Programmes, all of which are funded by the World Bank under the Ghana Economic Transformation Project, are recipients of the Technical Assistance and Grant programmes.
The SME High Growth Programme has a technical assistance component that includes a 4-month intensive business management training programme and a capacity upgrade/mentoring plan. It was piloted in October 2022.
Following a successful pilot programme, the SME High Growth Programme is now being implemented nationwide at full speed since May 2023. The program’s goal is to support 2,000 high-growth SMEs throughout the nation by increasing productivity and competitiveness, allowing these companies to expand their operations, boost sales, and generate long-term employment.
The Youth in MSME Programme has also increased the upper age limit to 40, which now includes young business owners between the ages of 18 and 40. Greater inclusivity is made possible by this extension, which accepts companies that previously could not participate because of age restrictions.
In addition, the Women MSME Programme only assists female-owned businesses, promoting gender equality and empowerment among entrepreneurs.
At a grant signing ceremony, the Minister of Trade and Industry, Mr. K.T. Hammond, addressed the crowd and explained that the three grant programmes were a part of the government’s initiative to support small businesses in the community and position them as viable forces for economic growth and transformation.
He claimed that by fostering the development and expansion of industries in a variety of sectors, Ghana hopes to transform its economy.
In order to accomplish this, the government works in accordance with a strategic roadmap that aims to increase the competitiveness of regional MSMEs and put them in a position to take advantage of current and upcoming global or regional trade opportunities, such as the African Continental Free Trade Area (AfCFTA) Initiative.
He claimed that the goal of the government’s Industrial Transformation Agenda was to give small and medium-sized businesses the necessary boost to survive in order to have an impact on the goal of job creation.
He stated that recipients of the grants would be closely watched over and given coaching to make sure the GETP achieved its stated objectives of increased sales and job creation.
The Minister continued, “It is anticipated that the investment made, as evidenced by the agreements signed today, will yield the desired results and be crucial in changing the business landscape.”
The beneficiary MSMEs were chosen from among the highly-subscribed Technical Assistance and Grant Programmes, including the Youth in MSME, the Women MSME, and the SME High Growth Programmes, all of which are funded by the World Bank under the Ghana Economic Transformation Project (GETP), according to Mrs. Kosi Yankey-Ayeh, Chief Executive Officer, GEA.
She issued a challenge to all recipients of Grants and Technical Assistance to concentrate on their businesses and strive to take their firm’s current level of growth to the next level.
That is, she continued, “We anticipate that micro-enterprises will develop into small businesses, small businesses into medium-sized companies, and medium-sized companies should evolve into large corporations with improved capacity for job creation, incremental sales, and innovation and competitiveness.
With over GHS 65 million disbursed/committed to nearly 800 SMEs between September 2021 and January 2023, the Ghana Economic Transformation Project’s previous interventions have demonstrated remarkable success. Notably, about 40% of the funding went to women-owned businesses, highlighting the significance of gender-balanced support for company expansion.
Over 3,195 jobs have been created and maintained by 311 supported businesses as a result of the interventions, demonstrating the positive impact on job creation and regional economic growth.
The Grant programmes target MSMEs in a variety of industries, including agriculture and agro-processing, construction, education, food and beverage, healthcare, information and communications technology, manufacturing, and textiles.
and Clothing, Hospitality and Tourism, Local Product trade and commerce, Transport, and Logistics.
Ghana Enterprises Agency is still dedicated to fostering the expansion and development of MSMEs with the goal of growing them into significant businesses that significantly boost economic growth and job creation.
