About GH10 million has been given to 103 small enterprises who requested for a grant from the Ghana Economic Transformation Project (GETP), according to the Ghana Enterprises Agency (GEA).
The beneficiaries were chosen after they passed the strict standards established by the GEA, the World Bank, and other government development partners.
The beneficiaries are primarily small business owners that operate across the nation in the manufacturing, healthcare, food and beverage, and agro-processing industries.
To cover their operating expenses, which include the acquisition of equipment and raw materials, they are receiving a grant of between GH20,000 and GH300,000.00
Create robust businesses.
The grant was intentionally created, according to Kosi Yankey-Ayeh, Chief Executive Officer (CEO) of the GEA, at an orientation and signing ceremony for the beneficiaries on December 19 in Accra. This was done to ensure that the businesses were prepared to help transform the economy.
According to her, the primary goals of the grant were to boost the economy, create new industries, and restructure the business ecosystem to prepare for unforeseen shocks or difficulties in the future.
She said that the government engaged in negotiations with the World Bank and developed the Ghana Economic Transformation Project, which provides access to financing, to support these enterprises, particularly those that were adversely affected by the early COVID-19 era.
We are officially approving the third round of 89 small and medium-sized business (SMEs) recipients as part of the COVID-19 Response Grant Program today.
It is truly a privilege for me to be here for the third time during the current phase of the programme, she said. "This batch of beneficiaries is being supported with over GH37.8 million," she said.
COVID's effect
The CEO said that the government introduced the latest round of the stimulus package to shield small and medium-sized businesses (MSMEs) from the effects of the coronavirus sickness (COVID-19).
According to him, the new phase was focused on companies that export or have the potential to export, businesses run by women, individuals with disabilities, and young people between the ages of 18 and 40.
She claimed that recipients of the grant programme had added at least 1,500 new employment throughout the course of the campaign, which is in line with the government's goals to assist MSMEs and develop women-owned enterprises.
She claimed that the goal of the government was to use the Ghana Economic Transformation Project as a means of reshaping the economy and fostering the expansion of more SMEs.
She continued by saying that those applicants who had advanced to this stage had proven to be ready and eager to expand their businesses in order to have an effect and generate additional jobs.
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