The National Board for Small Scale Industries (NBSSI) in collaboration with MasterCard Foundation on Wednesday launched the Covid-19 Recovery and Resilience Program for Micro, Small and Medium Enterprises (MSMEs) dubbed the 'Nkosuo' Program.
The program which is a ¢90 million injection into the sector is a collaboration between government and the MasterCard Foundation to strengthen small businesses against the adverse effect of the coronavirus.
Speaking at the launch of the Program, the Executive Director of the NBSSI, Kosi Yankey Ayeh emphasized the need to support MSMEs in the country.
She said because of the critical role and space, MSMEs occupy in the economy and the resultant effect of the novel coronavirus on the finances of small businesses, there is the need to cushion them to make them viable and competitive.
“While we appreciate the scarcity and the limit we have with resources, the NBSSI representing government through the Trade Ministry reached out to our friends and development partners to complement the efforts of government in assisting MSMEs.
‘’Thankfully MasterCard Foundation responded positively to our proposal with an amount of ¢90 million to also support our MSMEs under a program dubbed the 'Nkosuo' program.
“The objective of this fund is to provide support to our MSMEs and urge them on from resilience to progress hence the name 'Nkosuo'. This program with Mastercard Foundation marks the beginning of a new era for MSMEs in Ghana: an era that opens its doors to development partners for new, innovative and strategic partnerships as this one with Mastercard Foundation,” she added.
The Executive Director said already, online portals had been created to ensure easy accessibility to the registration and application forms, and encouraged prospective applicants to visit the online platform of the NBSSI or contact the nearest NBBSI Business Advisory Centre (BAC) within their districts across the country for help if need be.
Highlighting the role of partnerships and collaboration in the transformation of the country’s economy, the guest speaker and Deputy Trade Minister Robert Ahomka-Lindsay stressed the need for cooperation between government and relevant stakeholders in the industry to further ease the economic hardship on small businesses.
The program has a one-year moratorium and a two-year repayment period and focuses on supporting MSMEs and start-ups in sectors such as Agriculture and Agro-businesses, Water and Sanitation, Healthcare and Pharmaceuticals, Trade and commerce, Garment and Personal Protective Equipment, the Creative Arts Industry, Manufacturing, Food and Beverage among others.
Latest Stories
-
Actress Gloria Sarfo recounts embarrassing moment with taxi driver
6 mins -
Procure Utility-Scale Solar Power Plant for security of the grid
9 mins -
Miss USA Noelia Voigt resigns title on mental health grounds
11 mins -
King has no time to see Prince Harry on UK visit due to ‘full programme’
15 mins -
Security guard shot at Drake’s Toronto home amid beef with Kendrick Lamar
19 mins -
NPA to engage Finance Ministry to consider removing taxes on LPG
27 mins -
Paris Olympics: 70 teams qualify for relay events
31 mins -
Passport e-gate outage causing delays at UK airports
34 mins -
Anti-corruption agencies from 21 African countries storm Ghana for conference
37 mins -
Farouk Aliu Mahama apologises for Citi FM reporter assault
41 mins -
Unilever pledges to remain committed to delivering profitability
41 mins -
”Nobody expected this’ – Hummels
46 mins -
T-bills: Interest rates tumbled again; government records 17% oversubscription
48 mins -
WAFU B U-17 AFCON: 14 referees named for competition
55 mins -
Cedi’s trouble continues; going for GH¢14.50 to a dollar
58 mins