The United Nations Development Programme (UNDP) has partnered with Absa Bank to launch an innovative programme to help Micro, Small and Medium Enterprise owners (MSMEs) through financial grants to scale up their businesses.
The challenge is an initiative of the United Nations Development Programme in partnership with Absa Bank and coordinated by EMPRETEC Ghana. It involves a three-day training for 300 MSMEs in diverse trades across six Metropolitan, Municipal and Districts Assemblies, including Ketu South, Jomoro, Sefwi-Wiawso, Kumasi, Kassena-Nankana West, and Sagnarigu.
Dr Edward Ampratwum, the Head of Inclusive Growth and Accountable Governance Cluster at UNDP, at the launch, said the UNDP understands the value that MSMEs add to Ghanaian businesses, and considers it a worthy course to be involved in their empowerment.
“Through our data works, we understand that MSMEs are dominated by women and youth, and they contribute significantly to the business environment in Ghana, and we want to make sure that no one is left behind.”
Dr Edward Ampratwum
Mr Ampratwum noted that MSMEs lack the necessary support that the partnership seeks to provide, adding the initiative has a link to all the Sustainable Development Goals.
Madam Audrey Abakah, Director for SME, Agency Banking and Partnership at Absa Bank Ghana, on her part, said the bank has been SME-focused for many years and appreciated the potentials of MSMEs.
She noted that the bank has the drive to empower the future of Africa, hence the partnership with UNDP to provide financial support to the MSMEs at reduced interest rates.
She explained that Absa is the first bank in Ghana to develop SME loans on an interest of 10 per cent per annum, with the collaborative effort of Mastercard Foundation.
Exploring Available Potentials
Mr Dunwull Ekow Eku, the Chief Executive Officer of EMPRETECH Ghana, said the country has many potentials that are being explored more by foreigners than citizens, and calls on businesses to be innovative to venture into exploring such available potentials.
Mr Dunwull Ekow Eku urged beneficiary MSMEs to take the initiative seriously, saying “Innovation is the way to go and whatever the world needed is available in Africa.”
Participating MSMEs shared some insights, underscoring the importance of the partnership on their businesses.
Miss Naa Kwaley Richardson, a beneficiary, said her enterprise observed best practices to attract investor interest, drawing lessons from post-harvest losses in fruits and vegetables due to transportation and low patronage.
The United Nations Development Programme is a United Nations agency tasked with helping countries eliminate poverty and achieve sustainable economic growth and human development. The UNDP emphasizes developing local capacity towards long-term self-sufficiency and prosperity.
Based at United Nations Headquarters in New York City, it is the largest UN development aid agency, with offices in 177 countries. The UNDP is funded entirely by voluntary contributions from UN member states.
The Special Fund arose from the idea of a Special United Nations Fund for Economic Development (SUNFED) (which was initially called the United Nations Fund for Economic Development (UNFED). Countries such as the Nordic countries were proponents of such a United Nations (UN) controlled fund.
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