Business News Fri, 30 Jul 2021

GH¢120 million earmarked as seed capital for 10,000 tourism sector SMEs

Government through the Ministry of Tourism is seeking to provide capacity training and support for some 10,000 Small Medium Enterprises in the tourism industry.

The move, according to the sector minister, Dr Awal Mohammed would be realised through the allocation of investment worth GH¢120 million.

Speaking at the 3rd African Youth in Tourism Innovation Summit and Challenge in Accra, Dr Awal Mohammed said the seed capital will also go towards the expansion and growth of jobs in the sector.

He added that government has targeted 30,000 SMEs for this initiative in the long term with an immediate plan to start with 10,000 of these enterprises.

Meanwhile about 70 percent of Ghana’s SMEs contribute to the overall GDP growth of the economy.

But most of these firms collapse within their first three years of setting up as they are confronted with a lack of access to both capital and markets hence government’s commitment to ensure that key players and businesses in the tourism sector were offered the needed support to thrive in the pandemic.

Source: www.ghanaweb.com