The Chief Executive Officer of the Ghana Enterprises Agency, Kosi Yankey-Ayeh, has stated that funds disbursed under the agency for businesses have been purely based on merit.

She rejected claims that the disbursement has been influenced by political connections and the “whom you know” syndrome.

“Yes the pressures are there, from relatives, from pastors, friends and politicians, but we have instituted measures, and technology to ensure those that have passed the assessment get the funds” Mrs. Yankey-Ayeh disclosed this on PM Express Business Edition, with host George Wiafe on January 25, 2004.

“The system is designed to weed-out human influence. I have directed everyone to work with the system”, she added.

Disbursement of funds and coverage

Providing some more details, Mrs. Yankey-Ayeh said there is data covering all beneficiaries who received funds from the agency.

She debunked assertions that the disbursement has been concentrated in political regions where the government receives support.

“The data at our end does not support this.  This is because the top beneficiaries are in the Volta, Central and the Western Regions”, she said. 

She explained that the breakdown at the district level, also showed that the disbursement has been scattered across the country.

“The Agency has more than 210 District Centers in the country, and all these offices have processed funds for businesses out there”, she said.

“Every district, region has benefited in various forms when it comes to support for the SME’s from the Ghana Enterprises Agency” she added.

She maintained that the agency has always ensured that the due diligence is done before requests are approved.

Mrs. Yankey-Ayeh pointed out that disbursement has been done under strict scrutiny to ensure that persons who qualify are given the funds.

Challenges facing the SME

She also disclosed that the challenges facing the SMEs is not just about finance, but also lack of technical support to grow their enterprises going forward.

“I think that finance is very important, but these small businesses also need to be given the needed technical support, on how to manage their enterprises”.