The Ghana Enterprises Agency (GEA) has launched a new SME High Growth Programme to build upon and sustain the successes attained under several SME-focused support programmes.
The SME High Growth Programme's objective is to assist high-growth potential SMEs in boosting their productivity and competitiveness in order to hasten their growth. Women-owned businesses, businesses utilizing green technology, SMEs owned by young people, and businesses run by People with Disabilities (PWDs) will receive higher priorities.
Additionally, a sum of US$20 million (in cedis equivalent) has been allocated for the flagship SME High Growth Program, and the program's key distinguishing features include the provision of training in business and financial management, taxation, and regulatory compliance because the goal is to provide SMEs with practical knowledge of the Ghanaian tax system and the basic principles of taxation, information technology in business, and regulatory compliance.
The CEO of Ghana Enterprises Agency, Mrs. Kosi Yankey-Ayeh, cautioned and urged all recipients of the grant to utilize every Cedi of it for its potential purposes during the programme's official launch. She reaffirmed her unwavering conviction that SMEs will be able to expand their business activities and do so profitably. She continued by declaring that;
Small and medium-sized businesses (SME) in industries like agribusiness/agro-processing, construction, education, food and beverage, healthcare or pharmaceutical industries, ICT, manufacturing, textile & garment, tourism & hospitality, trade/commerce of locally produced goods, transport and logistics that are registered under Ghanaian law and have a majority Ghanaian shareholding of 51% or more are eligible to participate in the programme.
Smaller enterprises should also show that they have six (6) to thirty (30) employees and/or yearly sales of between GHS 180,000 and GHS 7.2 million, while medium-sized businesses should show that they have between 31 and 100 employees and GHS 7.2 million to GHS 21.6 million in annual sales.
In accordance with the Ghana Economic Transformation (GET) Project, the GEA has so far successfully carried out three interventions, including this current SME High Growth Programme and phases 1 and 2 of the COVID-19 Response Grant Programme.
The program will enable these businesses to become not only more competitive and export-oriented, but also to create new jobs, according to Nana Ama Dokua Asiamah Adjei, Deputy Minister of Trade & Industry, who also encouraged all qualified SMEs to take advantage of this initiative in order to build and scale their businesses.
All qualified applicants can apply to by completing a registration form via the GEA website: https://gea.gov.gh/getp/smegrowth.