The Youth Employment Agency (YEA) has launched its Business and Employment Assistance Programme (BEAP) to aid economic recovery post-COVID-19, starting with 1,452 small businesses.

BEAP, which aims to support 10,000 small and medium enterprises (SMEs) and startups severely impacted by the pandemic, began in May this year.

In March, 1,452 businesses were initially placed under the programme.

The programme provides a lifeline to micro, small, and medium enterprises (MSMEs) across various sectors, including chop bars, mechanic shops, fashion designers, pharmacies, and schools.

It offers salary support of GHC500 per recruited employee, with the employer supplementing the remainder.

This initiative is intended to alleviate the financial strain on businesses, as highlighted in a 2023 survey by the Ghana Statistical Service.

Kofi Baah Agyepong, the CEO of YEA, has toured some payment centres in the Volta, Ashanti, and Bono Regions to inspect the exercise.

He told journalists that offering salary supplements to MSMEs is a crucial support measure amid ongoing economic challenges.

Mr Agyepong stated that disbursements to the first 1,500 verified BEAP beneficiaries mark a significant milestone in YEA’s efforts to reduce unemployment and support struggling enterprises.

“YEA remains committed to utilising sustainable funding from the Communication Service Tax exclusively for job creation and economic empowerment initiatives,” Mr Agyepong said.

These businesses represent the first phase of the BEAP initiative, with more businesses to be added each month.

The YEA CEO explained that BEAP provides a lifeline to SMEs and aims to foster employment opportunities across Ghana, targeting 20,000 beneficiaries as part of its broader initiative.