Ghana government provides GH¢100m grant for startups and MSMEs
The government, through the Ghana Jobs and Skills Project (GJSP) and the Ghana Economic Transformation Project (GETP), has given grant support totaling GH¢100 million to startups and Micro, Small, Medium Enterprises (MSMEs) in 2023.
The disbursement of the grant support to over 30,000 beneficiaries was implemented through the Ghana Enterprises Agency’s (GEA) YouStart programme.
The GJSP and GETP projects were funded by the World Bank through the ministries of Finance and Trade and Industry as part of measures to cushion startups and enterprises adversely affected by the COVID-19 pandemic.
Vice President Alhaji Bawumia announced this at the Grant Signing Ceremony organised by the Ghana Enterprises Agency in Accra on Thursday.
Dr Bawumia said the Akufo-Addo-led government had created 2.1 million jobs within a period of seven years despite the global economic meltdown created by the COVID-19 pandemic and the Russia-Ukraine war.
“I am honoured to witness the tangible results of collaborative efforts between the government, the private sector, and the World Bank.
“I extend my deepest appreciation to the Ghana Enterprises Agency, led by its dynamic CEO Kosi Yankey-Ayeh (Mrs.) for their unwavering commitment to fostering the growth and development of startups and MSMEs”.
The Vice President also thanked the Minister of Finance, Ken Ofori Atta, for being the brainchild behind the YouStart programme and working hard to ensure its success.
He lauded the leadership of the Minister for Trade and Industry, Mr Kobina Tahir Hammond and ensuring oversight responsibility of those invaluable programmes.
“The government is also thankful to our key development partners including the World Bank for both its Technical Reviews and provision of funding towards the implementation of these transformational Projects.
“Today, we meet here to celebrate the strides made by the YouStart intervention. The outstanding results of these interventions are an indication that transforming the lives of Ghanaian Youth and creating a prosperous future for our nation is possible,” Dr Bawumia emphasised.
The Vice President noted that over 30,000 young persons and MSMEs had already received between four to five days of Business Management Training.
He stated the initiatives were ongoing efforts by the government to create an entrepreneurial economy and turn ideas into tangible results.
In September 2023, he said, the Government through the Ghana Enterprises Agency approved over GH¢35 million to 272 MSMEs under various components of the Ghana Economic Transformation Project (GETP).
Also, between September 2021 to August 2022, the government supported over 780 firms with grant funding of over GH¢65 million also under the GETP.
He announced that there is a special grant package designed to support and empower Persons with disabilities (PWDs).
He noted that more entrepreneurs and startups would receive grant funding in 2024 under the YouStart initiative.
“By the end of these two Projects, the government will have supported more than 50,000 startups and MSMEs with technical and financial support through the Ghana Enterprises Agency.
“This grant funding is not just a monetary transaction; it is an investment in the dreams, aspirations, and potential of the youth,” Dr Bawumia added.
“It is a signal that shows the youth of this great nation that ‘it is possible.’ Through strategic partnerships and targeted interventions, we are creating an environment of possibilities where ideas flourish, businesses thrive, and individuals find the means to unleash their potential.
“And it is surely the complementary pathway to nurture and reap the demographic dividend of having a youthful population,” he pointed out.
“The YouStart Ghana Jobs and Skills Project stands as a beacon of hope and opportunity for the youth of our dear nation.
“The synergy between capacity-building and grant funding as envisioned in the YouStart Ghana Jobs and Skills Project (GJSP) and the GETP, shows the government’s commitment to comprehensive and holistic enterprise development,” he stated.
Mr Ken Ofori-Atta, the Minister of Finance, said the government had allocated GH¢200 million in 2024 Budget to support the programmes and soliciting $200 million from the World Bank to ensure continuous support and their sustainability.
He expressed the government’s unwavering commitment to create a conductive environment for businesses to thrive and ensure that the youth, which constituted 75 percent of the population turn their ideas into tangible results.
Source: GNA