The funds will help facilitate growth in the private sector
The grants are not to be used to pay salaries
Entrepreneurs charged to be disciplined in their businesses
The Ghana Enterprise Agency has begun the disbursement of over GH¢8million to micro, small, and medium scale enterprises to help them expand.
The fund which is supported by the world bank and development partners is to stimulate growth in the private sector post-COVID-19.
Chief Executive of the Ghana enterprise Agency, Kosi Yankey Ayeh, said the funds will help in the expansion and growth of private sector businesses and create employment for Ghanaians.
She was speaking at the Grant agreement signing ceremony between the agency and selected MSMEs.
“So, we have over 100 beneficiaries present and over 8million cedis is being invested in their businesses to help them grow. The focus of the investment is for them to buy equipment to build their business. Some of them are buying raw materials to facilitate the growth, some of them are going to use it for operational cost, excluding salaries to build their businesses to the next level.”
She lamented that what most businesses lack is discipline and a sense of direction to guide their operations, adding that the businesses will be monitored and further supported if they exhibit good traits of growth.
“Our message to them is that they should utilize the funds for what is needed. Many times, there are some private sector beneficiaries who don’t use the funds for what it is to be used for because they lack discipline. But we say to them, be very disciplined, use the funds for what it is supposed to be used for. Use it to build your business because what we do is that, we do an assessment, those who have done well, that we see have moved their businesses to the next level that can accelerate, we will continue to provide support to them to help them build up and grow and become national giants.”
All who signed the agreement will receive their funds after submitting their document. This is the second part of the grant to be disbursed to the businesses.