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The World Bank and some development partners created a fund to facilitate growth in the private sector post covid 19.
The Chief Executive Officer of the Ghana Enterprises Agency, Kosi Yankey Ayeh, stated that the funds will help in the expansion and growth of businesses in the private sector and curb unemployment in the country. Hence, the GEA has begun the disbursement of GHC8million to SMEs to help in their expansion.
During the Grant Agreement Signing Ceremony between GEA and selected MSMEs, Kosi Yankey Ayeh said that over GHC8million is being invested in the businesses of 100 beneficiaries to enable them to grow. The focus of the investment is for them to buy equipment to build their businesses.
According to her, some of them are going to use the investment to buy raw materials to facilitate growth while others are going to use it for operational cost, excluding salaries to build their businesses to the next level.
The CEO also stated that what most businesses lack are discipline and a sense of direction to guide their operations.
She advised businesses to utilize the funds for what is needed. She added that more support will be given to businesses that thrive after the funding.
Funding will be disbursed after all who signed the agreement have officially submitted their documents.