By Bright Philip Donkor
The Chief of Staff, Akosua Frema Osei Opare, has disclosed that the government has invested more than GHC176 million in Micro, Small, and Medium Enterprises (MSMEs) and startups across the country from 2021 to date. She pointed out that this substantial investment had supported approximately 3,800 businesses and had led to the creation of over 1,200 direct jobs.
The Chief of Staff said this during the grant signing ceremony and orientation for the YouthStart intervention and the Ghana Economic Transformation Project (GETP) beneficiaries at the Cedi Conference Hall, University of Ghana, Accra.
“This Grant Award Signing Ceremony for the YouStart Intervention and the Ghana Economic Transformation Project is a clear demonstration of our collective commitment to fostering economic resilience and creating opportunities for our people,” she noted.
MSMEs investment
Mrs. Akosua Frema Opare stressed that MSMEs were integral to the economy, contributing significantly to GDP and employment in Ghana. She said government had invested heavily to support and nurture this sector. She mentioned that over GHC 160 million had been disbursed to support local businesses since the inception of these initiatives, with additional grants of over GHC 15 million being awarded to 420 firms, start-up enterprises and individuals.
She said the Ghana Economic Transformation Project, as at July 31, 2024, had disbursed a total amount of GHS 66,821,388.10 under the COVID-19 Response Grant, GHS 19,288,589.79 to Youth businesses under the Youth in MSME, GHS 20,914,928.47 to women and women led businesses under the women MSME Grant, GHS 447,180.00 to PWDs under the PWD Enterprise Support Programme, and GHS 38,386,936.00 under the Enterprise Grow Programme.
She stated that the introduction of Regulation 2023 (L. I. 2470), Classification of Micro, Small and Medium Enterprises, represented a critical advancement in government’s support for MSMEs. “This regulation provides a standardized framework for defining and classifying MSMEs, ensuring that these businesses can scale up effectively and access broader markets,” she added.
Strides for youth
The Chief of Staff further noted the government had made strides to equip the young population with the necessary skills and financial resources to become job creators rather than job seekers. This approach, he said, had leveraged the demographic dividend of Ghana’s youthful population, and transformed them into active participants in the economy.
“For the first time in Ghana, our government has been able to successfully design and implement Special programs to support Persons with Disabilities (PWDs), ensuring inclusive economic growth and empowering all segments of society. We have been able to provide remarkable support, unprecedented to Persons with Disabilities (PWDs) through funding support for PWDs led or owned enterprises to the tune of over GHS 447,180.00 to date,” she indicated.
According to her, “the GEA has been a driving force behind these initiatives. The Agency has shown unwavering dedication to empowering local businesses. Their efforts have led to substantial job creation and business sustainability in the country”.
Commitment
The Chief Executive Officer of the Ghana Enterprises Agency (GEA), Mrs. Kosi Yankey-Ayeh, reiterated the agency’s commitment to equipping the youth with technical training and assistance. She lauded the initiative’s focus on PWDs, noting that it was the first time this group had received such targeted support.
She stated that, since September 2021, over 30,000 emerging businesses had undergone extensive training. She noted that between September 2021 and June 2024, the Government of Ghana, through the Ghana Enterprises Agency, had disbursed more than GHS 100 million in grants, fostering an environment where innovative ideas can thrive.
“The collaborative efforts between government entities, the private sector, and esteemed partners, including the World Bank, have been crucial to the success of these initiatives. The impact extends beyond financial support, representing a significant investment in the potential of Ghanaian citizens,” she stressed.
She added that by combining funding with tailored training, mentorship, coaching, and monitoring, the government is creating an ecosystem where entrepreneurship and innovation can thrive, driving Ghana toward sustained economic growth and prosperity.
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