Govt disburses GH¢20.88m to 199 women-owned businesses

Women-owned enterprises formed the majority of beneficiaries of the technical assistance and grant programmes of the government for the micro, small, and medium enterprises (MSME).

Data from the Ghana Enterprises Agency (GEA) showed that 199 women-owned enterprises were supported out of the 274 awardees for the Ghana Economic Transformation Project (GETP) grant.

It represented over 70 per cent of all beneficiaries.

The women beneficiaries received GH¢20.88 million out of the GH¢35.34 million disbursed.

The funds are expected to be used to secure machinery and equipment, working capital, and last-mile infrastructure investments.

The beneficiaries were part of those who applied for the Youth in MSME, Women MSME, and SME High Growth programmes funded by the World Bank under the Ghana Economic Transformation Project.

Signing ceremony

The Minister of Trade and Industry, Kobina Tahir Hammond, at the grant signing ceremony in Accra, said the signing ceremony marked the commencement of grant disbursement under the three programmes.

He said it formed part of the government’s effort to strengthen local businesses and positioning them as viable entities for economic growth and transformation.

participants in the signing ceremony

Mr Hammond said the government had identified industrialisation as a key driver of prosperity and a vehicle for reducing dependence on primary commodities, creating wealth and reducing unemployment.

The minister explained that through a focused and strategic approach, the country aimed to transform its economy by promoting the establishment and growth of industries across various sectors.

“To achieve this, the government follows a strategic roadmap that seeks to improve the competitiveness of local MSMEs and position them to benefit from existing and future global or regional trade opportunities such as the African Continental Free Trade Area (AfCFTA) initiative,” he said.

Mr Hammond said the government established the technical assistance and grant programmes to support MSMEs through the GEA.  

Commitment

The Chief Executive Officer (CEO) of GEA, Kosi Yankey-Ayeh, said the SME High Growth programme, which was piloted in October last year, had been focused on technical assistance which involved a four-month intensive business management training and capacity upgrade/mentoring plan.

She said the SME High Growth programme was now being implemented at full-scale across the country since May 2023 following a successful pilot of the programme.

She noted that with the target to assist 2,000 high growth SMEs across the country, the programme was aimed at boosting productivity and competitiveness, enabling these businesses to scale up their operations, increase sales, and create sustainable jobs.

Additionally, the Youth in MSME programme has extended the age limit to 40 years, involving young entrepreneurs from the ages of 18 to 40. 

The GETP

The Ghana Economic Transformation Project's past interventions have showcased remarkable success, with over GH¢65 million disbursed/committed to nearly 800 SMEs between September 2021 and January 2023.