The third round of the fund distribution for the Ghana Tourist Development Project has been made aware to businesses in the tourism industry.
The tourist industry is intended to be strengthened and developed through the grants distribution, which is overseen and carried out by the Ministry of Tourism, Arts and Culture (MOTAC).
Key industry players had the chance to learn how to take use of the $10 million award to boost their businesses through the Kumasi-based sensitization campaign.
Companies informed about third phase of tourist funding
A total of 1,130 businesses are anticipated to receive between GHC20,000 and $20,000 from the $10 million award to assist private businesses in growing and adding to their workforce.
The third phase of the tourist grant will be distributed in three levels: site upgrading grants (SUG) to help enterprises and tourism sites enhance their infrastructure; grants for small and medium-sized businesses; and COVID relief money to help firms get off the ground.
The following is how it will be allocated: $2 million will go toward COVID-19 Response Grants (CRGs) for Small and Medium Scale Enterprises (SMEs) most affected by the COVID-19 pandemic, $3.5 million will go toward SMEs for established, successful businesses with well-developed business plans, and $4,5 million will go toward Site Upgrade Grants (SUGs) for Developing Tourist Sites and Destinations.
The COVID relief award, out of 1,130 companies, is intended for 1,000 companies nationally, 100 small- to medium-sized companies, and 30 sites upgrading grants.
A portion of the funds has also been designated for a grant programme to promote private tourism-related ventures. "This includes eateries, lodging, tourist destinations, and transportation services, among others," said Kwadwo Antwi, chairman of the GTDC.
Although the initiative aims to employ technology to promote accountability, there are problems with application process access to company supporting papers and bank accounts.
Potential project recipients are receiving training from the initiative's creators on how to handle technological change.
Mr. Antwi pledged to make sure no company misappropriated the funding.
The GTDP is a $40 million grant to the Government of Ghana under the International Development Association credit that has been approved by the World Bank and is intended for use in the nation's tourism, arts, and culture hotspots.