Ghana's SME's to receive $118-million boost

Accra, Oct. 9, GNA - Ghana and her development partners are providing 118 million dollars to support and promote the growth and development of Micro, Small and Medium Enterprises (MSME). The funding is expected to enhance the competitiveness of MSMEs and also create employment under the International Development Association (IDA), the International Finance Corporation of the World Bank Group and the Government of Ghana MSME project. The project aims at providing opportunities for MSME's to take advantage of existing markets to promote goods and services, penetrate the international market and to have access to trade facilitation and entrepreneurship development.

The Ministry of Trade and Industry will have the overall responsibility for the achievement of the project goals and development objectives.

Ms. Gifty Ohene-Konadu, Deputy Minister of Trade and PSI in signing of a Memorandum of Understanding (MOU) between the Ministry and the implementing agencies in Accra on Tuesday, said her outfit would collaborate with the agencies to ensure the successful execution of the sub-components of the project.

The agencies include the Association of Ghana Industries (AGI), the Ghana Export Promotion Council (GIPC, the Ghana Tourist Board (GTB) and the Ministry of Communications. She said the MOU was a commitment of the readiness of the agencies to take ownership of the project as well as use the resources to achieve results and outcomes under the project.

The AGI, under the project would be responsible for implementing the Sub Contracting and Partnership Exchange Programme designed to provide matchmaking and subcontracting linkages between large companies and contractors on one hand and MSME's to create market opportunities in the micro construction sub-sector.

The GEPC would be responsible for providing international consultancies in training, and basic trade infrastructure for product promotion for targeted export companies, while the GTB would oversee the Micro Tourism Development component of the project that would support tourism business in communities hosting tourists.