President Akufo-Addo has charged players in the tourism and creative arts sectors to institute good corporate governance for their businesses to attract investors.
“It is in this directive that the government through the Ministry of Tourism Arts and Culture is in this year supporting SMEs in the tourism, hospitality and creative arts sector with a grant of US$10 million to enhance and expand their business,” the president said.
Speaking at an event to launch the “Tourism SME grants” in Accra, Akufo-Addo said: “The government remains committed to ensuring that the private sector is able to function effectively. Now building an ecosystem that creates opportunities for businesses to grow and create jobs for the youth.”
The 2022 grants, according to the President, are in three categories, including COVID support, SME support, and site upgrade.
“We are building a business friendly environment that will enhance entrepreneurship, a vital component of economic growth and development, which has been globally embraced as an important rival of economic activity and transformation.
“The development of entrepreneurship has the potential to contribute to specific development objectives such as the employment of women and the youth,” Akufo-Addo added.
Tourism Ministry
For his part, the Minister for Tourism, Arts and Culture, Dr Ibrahim Mohammed Awal, said the project is part of efforts by his ministry to assist the industry.
He called on industry players to take advantage of the grant and use the funds judiciously to grow their businesses.
“The tourism sector is very important for national transformation and growth and I want to urge and encourage those in the sector that tourism is key in government’s transformative agenda. We are not abandoning you anytime at all.
“Going to ask for help from IMF will help us have access to international funds to continue to develop our economy and make Ghana great again. In 2017 when President Akufo-Addo took over power, our GDP was just 3.6% within three years from there we have about 7% up to 2019. One of the best growth rates in the world at that time. Despite the challenges, Ghana is rated the best place to do business and investment in West Africa, we are number one,” Awal said.
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