The Ghana Enterprises Agency (GEA) has held a sensitization programme for stakeholders to educate them on the Grant Fund established to support Small and Medium Enterprises (SMEs) to recover from the effects of COVID-19 and to revive their operations.
The enterprise which is under the Ghana Economic Transformation Project has opened application for GH¢145 million grant to be disbursed to Small and Medium Enterprises across the country. The program is to help SMEs to grow into sustainable businesses, capable of competing on the regional, continental and global stage.
Meanwhile, Chief Executive Officer of GEA, Mrs Kosi Yankey-Ayeh, addressing the participants highlighted the importance of the sensitization program and stated that the meeting was to share the Agency’s successes and to inform the stakeholders about the programmes being initiated this year. Moreover, she noted that more than 1,000 SMEs had so far applied for the various packages under the Grant Programme.
“We are also here to talk about Ghana Economic Transformation project which aims at transforming the Ghanaian economy. One aim as GEA is to look at how best we can provide financial support and business development.”
Mrs Kosi Yankeh-Ayeh
Moreover, the Chief Executive Officer said the current grant was a specialized one with focus on SMEs that were impacted negatively due to the COVID-19 pandemic but were able to sustain their businesses. “This fund is also here to support them to grow and also involves people as the business continues.”
However, touching on the criteria for selection, she noted that the business must be a SME and also with some specific sectors.
“Businesses impacted by the pandemic, those into manufacturing, agro-processing, fashion and designing, healthcare, food and beverages, tourism and hospitality, among others. All these businesses can apply but they must be an SME.”
Mrs Kosi Yankeh-Ayeh
Meanwhile, Mrs Yankey-Ayeh said creative arts practitioners, owners of tourist sites, hotels and estates were eligible to apply under the Tourism sector grant, which has been allocated GH¢55 million. She further hinted that applications are opened for the tourism sector players too as they were the most hit during the peak of the pandemic as a result of restrictions placed on travelling.
In addition, Mr. Sam Agbaga, the Grant Manager was also present at the programme. On his part, he also noted that to be eligible for the COVID-19 grant, businesses must submit financial statements for the years 2017 to 2020.
However, he observed that businesses that commenced operations after 2017 must submit at least the 2019 and 2020 financial statements.
Furthermore, he said the grants could be used to support activities such as salary payments, purchase of raw materials, equipment purchases, fees and subscriptions, among others.
Meanwhile one of the criteria is that you have to have employees ranging from 6 to 100.
Since Ghana recorded its first COVID-19 case, the government of Ghana has launched many programs to help lessen the impact of the pandemic on businesses and individuals. The main programme being the obaatampa programme.
The GH¢100 billion Ghana CARES “Obaatanpa” Programme is a three-and-a-half-year comprehensive programme to mitigate the impact of the COVID-19 pandemic, return the country to a sustained path of robust growth and to create a stronger, more resilient and transformed economy.
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