President Akufo-Addo has announced that government has made available ₵145million cedis for some selected Micro, Small and Medium sized Enterprises (MSMEs).

Speaking at the launch of the Ghana Enterprises Agency (GEA), he said that the funding is to enable them grow into sustainable businesses capable of competing in the regional, continental and global spaces.

President Akufo-Addo revealed that the funding will be extended to about 350 small and medium sized businesses in the country.

“I assure all MSMEs that this is just the beginning, the best is yet to come and the government will help ensure that the sector receives more support to help in this transformation process,” he said.

This funding, he explained, will help address some of the myriads of problems facing the SME sector which contributes 70% of Ghana gross domestic products and employs about 80% of the country’s workforce.

The President stated that the support was made possible by the GEA SME grant fund established to support MSMEs to recover from the effect of Covid-19 and resuscitate their businesses under the Ghana Economic Transformation project backed by the world bank.

“An essential feature of all successful developed economies is the existence of a dynamic SME sector, Ghana will be no different,” he added.

Also speaking at the event, Trade Minister, Alan Kyerematen urged beneficiaries to take advantage of the Africa continental free trade mechanism to grow and expand.

“The MSME sector’s development and expansion through entrepreneurship, especially by women and the youth, will help to diversify the economy and decentralize job creation. We are determined to bring prosperity to our people by working closely with the private sector.”

“It is the private sector that can create the needed job opportunities for the people of our country, and I am confident that the Ghanaian private sector will take full advantage of this new institutional support offered under the new Ghana Enterprises Agency,” he added.

Also, CEO of the Ghana Enterprises Agency which replaces the National Board for Small Scale Industries (NBSSI) Kosi Yankey said the new agency is set to fully classify all SMEs for effective monitoring and assistance.