The Chief of Staff, Madam Akosua Fremah Osei-Opare, has announced that cumulatively, the government has invested over GH¢176 million to about 3,800 Micro, Small and Medium Enterprises (MSMEs) as well as startups across the nation between 2021 and 2024.
“This has resulted in the creation of over 1,200 direct jobs,” she added.
The Chief of Staff made the announcement in her keynote address at the Grant Award Signing ceremony held on the campus of the University of Ghana, Legon, Accra, on Tuesday, August 6, 2024.
Earlier in her address, the Chief of Staff indicated that some grants had been disbursed under the government’s Ghana Economic Transformation Project.
Mad Osei-Opare noted that, as of July 31, 2024, the government, under the Ghana Transformation Project, 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, GH¢20,914,928.47 to Women and Women led businesses under the Women MSME Grant, GHS 447,180.00 to PWDs under the PWD Enterprise Support Programme, and GH¢38,386,936.00 under the Enterprise Grow Programme.”
She remarked that the YouStart Ghana Jobs and Skills Project has equipped entrepreneurs with the skills and knowledge they need, adding that “the project as at now has disbursed GH¢30,721,719.89 to start-up enterprises.”
CRUCIAL ROLE
The Chief of Staff said that the Office of the President plays a crucial role in the strategic allocation of the nation’s limited resources.
She observed that the mission is to ensure that these resources are used in ways that drive maximum impact and benefit for all Ghanaians.
She noted that grants are prime examples of such strategic investments, aimed at bolstering the MSME ecosystem, which is vital to our economic fabric.
Acknowledging the importance of MSMEs, the Chief of Staff said the government has disbursed over GH¢160 million to support local businesses” since the inception of these initiatives, with additional grants of over GH¢15 million being awarded to 420 firms, start-up enterprises and individuals.”
GRANT AWARD
The Ghana Enterprises Agency (GEA), Ministry of Trade and Industry (MOTI), Ministry of Finance (MOF) and National Entrepreneurship Innovation Programme (NEIP) are the agencies behind the grant signing that occurred yesterday.
The event is to support 450 MSMEs and emerging start-ups across Ghana. The GEA said the initiative aligns with the government’s commitment to advancing business skills, enhancing capacity and fostering economic growth.
According to a release from the GEA, the recipients of grants under the YouStart Ghana Jobs and Skills Project (GJSP) and the Ghana Economic Transformation Project (GETP) have been selected through a rigorous competitive process.
The statement issued on August 4, 2024 added that the selected enterprises span a diverse range of industries, reflecting the entrepreneurial spirit inherent in Ghana.
TRAINING
The release further said that since September 2021, over 30,000 emerging businesses have undergone extensive training.
“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,” the statement noted.
Meanwhile, the Ghana Enterprises Agency remains committed to supporting and nurturing the entrepreneurial spirit that drives Ghana’s economic transformation.
ABOUT GEA
The Ghana Enterprises Agency (GEA) is the apex governmental agency under the Ministry of Trade and Industry (MoTI) responsible for the promotion and development of the Micro, Small, and Medium Enterprises (MSMEs) sector in Ghana.
GEA, formerly the National Board for Small Scale Industries (NBSSI), was established by an Act of Parliament (Act 1043) in November 2020.
The GEA Act 1043 was assent to in December 2020. The Act mandates GEA to coordinate, implement, and monitor the activities of the MSME sector.
