Chief Executive Officer of the Ghana Enterprises Agency (GEA), Kosi Yankey-Ayeh, has disclosed that the Agency will launch a technical assistance and high growth SME fund for businesses in the country.

According to her, the fund will help in the recovery of businesses affected during the pandemic. Mrs Yankey-Ayeh explained that the duo are in line with government’s aim to grow the economy.

“In the next few months, we are going to launch the technical assistance and the high growth SME fund. As I mentioned, government is looking at pushing for the Ghana Economic Transformation project to transform the economy and support more SMEs, which means that we are going to provide more support to SMEs and to build them. So, within the next month or two, you will not see the same but from three months onwards, we will roll out the technical assistance and access to finance component that will provide really targeted interventions to SMEs to help them”.
Kosi Yankey-Ayeh

The GEA boss intimated that the Agency has supported some 74 medium scale and small enterprises with GHC7 million to aid the growth of businesses post-covid 19. Mrs Yankey-Ayeh noted that the disbursement of monies to beneficiaries will be done in the coming weeks.

GEA to partner with GEPA

In terms of partnership, Mrs Yankey-Ayeh expressed that the Agency will liaise with the Ghana Export Promotion Authority to provide a framework that will aid the micro, small and medium enterprises take advantage of the Africa Continental Free Trade Area (AfCFTA) to expand their businesses.

“I think that for a lot of SMEs and for those who are here now, our goal as Ghana Enterprises Agency is to help build them. To provide them with the tools to be able to be competitive, to be able to improve productivity [and] even improve your sales locally. So, we are going to work in partnership with GEPA. They also have programs and they have been leading the programs to build on supporting SMEs to take advantage of the AfCFTA”.
Kosi Yankey-Ayeh

As part of its efforts to support SMEs, the Agency in August last year, signed a Memorandum of Understanding with Invest in Africa (IIA), a not-for-profit organisation focused on growing local Small and Medium Enterprises (SMEs) in Ghana and across Sub-Saharan.

The collaboration was intended to strengthen the resilience of local businesses and young entrepreneurs and is valid for 12 months as it supports between 500 to 1,000 Micro, Small and Medium Enterprises (MSMEs).

Commenting on the signing of the MoU, IIA Ghana Country Director, Carol Annang revealed that her outfit is privileged to join forces with GEA as she looks to build back better following the effects of the pandemic.

Carol intimated that the synergies between the two parties will ensure they deliver considered interventions to help the food and beverage industry back onto its feet.

“However, this is only the beginning, we recognise the potential this Sector has and will help MSMEs target opportunities that arise as a result of the AfCFTA”.
Carol Annang

On her part, Mrs Kosi Yankey-Ayeh stated that the growth in the sector over the last few decades has been astounding, proving to be a bedrock for sustainable employment opportunities across the country.

Following this, she emphasized the Agency’s resolve to continue increasing its contribution to the economy as it strives to endlessly improve standards, “hold ourselves to better knowledge sharing and capacity building which will help further strengthen our MSMEs”.