The Ghana Enterprises Agency (GEA) has approved over GHC8 million in grants for private sector businesses to help them recover from the devastating effects of the COVID-19 pandemic.
This came to light at the orientation and contract signing ceremony, for the second batch of over 100 beneficiaries of the COVID-19 Response Grant, under the Ghana Economic Transformation Project in Accra.
The grant is expected to cushion businesses in the private sector on the path to recovery and build a vibrant and active private sector economy.
Speaking to Asaase Business after the signing ceremony, the chief executive officer of GEA Kosi Yankey-Ayeh said the agency will constantly monitor beneficiaries to ensure they make good use of the grants in anticipation of the “Ghana Beyond Aid” agenda.
“We have their details; we’ve already done the follow up to see what they are. We have an M&E team at the Ghana Economic Transformation project unit, then we also have an M&E unit within the Ghana Enterprises Agency and through the Ministry of Trade and Industry, who would go round through set data, and we are going to pick up certain data points to ensure that the impact is real and the impact assessment is done right.
“I think that our message to them is that, they should utilize the funds for what is needed. Many times, some private sector beneficiaries do not use the funds for what it is because of a lack of discipline. But as much as possible; we say to them be very disciplined. Use the funds for what you’re supposed to be used for and use it to build your business,” she stated.
A representative from the Ministry of Trade and industry and Team Lead of the “One District One Factory” initiative, Kofi Addo on his part charged the beneficiaries to use the grants judiciously to protect their businesses.
“Please let’s make sure that the money that comes in the form of a grant, in a form of a subsidy is a form of anything let us be frugal in everything that we do. Let us be able to account for every pesewa. For some of us, our management structure is weak.
“For some of us the monies are just falling out we cannot account for it. Please this money that is going to be given to you, I can assure you of one thing, we are going to come and then monitor your process,” he stated.
Nicholas Brown
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