President Akufo-Addo has launched a one hundred and forty-five million Ghana cedis (GHc 145,000,000.00) grant fund to support micro small and medium enterprises (MSMEs) as part of government’s efforts to help MSMEs recover from the impact of the COVID-19 pandemic on their businesses.
Speaking at the official launch ceremony of the Ghana Enterprises Agency (GEA), an agency of the Ministry of Trade and Industry, at the Kempinski Hotel today the 9th of June 2021, President Akufo-Addo pointed out that his 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 economy transformation project backed by the world Bank. Disbursement of this grant amount to one hundred and forty-five million cedis (GHc145, 000,000.00) will be made to two hundred and fifty (250) to three hundred and fifty (350) SMEs to help them grow into sustainable businesses capable of competing on regional, continental and global stages” President Akufo-Addo stated.
“I assure all MSMEs that 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” President Akufo-Addo Added.
In his address, President Akufo-Addo expressed delight in the birth of the Ghana Enterprises Agency (GEA) which is an institution designed to support Ghanaian MSMEs. According the President, MSME sector employs more than 80% of the country’s work force and generates some 70% of the gross domestic product (GDP). The obvious critical role played by MSMEs according to the President 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. 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. It is my pleasure to launch the Ghana Enterprises Agency, the National MSME and entrepreneurship policy and the GEA MSME grant fund” President Akufo-Addo said.
CEO of GEA
Chief executive officer of the Ghana Enterprises Agency, Kosi Yankey-Ayeh in her welcome address noted that 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 added that the GEA will 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.
Ghana Enterprises Agency
The Ghana Enterprises Agency (formerly National Board for Small-Scale Industries(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 replaced the NBSSI in November 2020. Its aim is to interrelate, administer and stimulate the development of Micro, Small, and Medium Scale Enterprises (MSMEs).