Use SME Growth Fund For Business Expansion -Dr Stephen Amoah Admonishes Beneficiaries

Dr Stephen Amoah, Deputy Finance Minister and Member of Parliament for Nhyiaeso has reminded beneficiaries of the recently outdoored Small and Medium Scale Enterprises(SMEs) Growth Fund that the monies being extended to them is for the expansion of their businesses and nothing else.

Speaking at the Ashanti Regional launch of the Fund on Monday, Dr Amoah said government through the Ministry of Finance with the collaboration of the Trade Ministry and other agencies designed the SMEs Growth Fund to resource indigenous Ghanaian business enterprises to enable them to expand and grow.

He noted that currently about 90% of businesses in the country fall under the category of the Small and Medium Scale, adding that their operations create jobs for the mass of the people.

“The NPP Government knowing the crucial roles SMEs play in the employment of the people and the growth associated with same for the economy decided to make avaliable Eight (8) Billion Ghana cedis from the Ghana Exim and Africa Development Banks to resource these outfits so that they can expand their businesses, create enough room for employment and also help to grow the economy of the country”, Dr Amoah stated.

Module:
Dr Amoah said previously successive governments have been giving soft loans and small grants to indigenous people and outfits to support their businesses, adding no progress was seen due to the insufficiency of the amounts.

However, he noted, that the NPP government having realised such small funds do less or nothing in helping to grow the businesses of these SMEs in the country was granting bigger amounts to businesses that would qualify.

He stated the SMEs Growth Fund as launched recently by the President in Accra, was being outdoored in the 15 other regions to enable local businesses apply for same and use the funds to expand their businesses.

“I urge the over 1,600 potential beneficiaries in the country take control of the funds they would receive and use same for the purposes they are being given out but not to use it to gratify their taste for luxury or any other high level lifestyles”, Dr Amoah stressed.

Ghana Enterprise Agency (GEA):
Mrs Philomena Dsane, Director of Policy Planning, Research, Monitoring & Evaluation at the Ghana 🇬🇭 Enterprises Agency (GEA) asked all Ghanaian businesses and enterprises to show interest and apply for the funds.

She noted that businesses that employ six persons and above qualify to access the funds from the SMEs Growth Fund.

Mrs Dsane however stated that applicants would be screened and scrutinised by a panel to ensure that what they put in their application is what they are engaged in and are truly at the locations set out in the documentations.

“The GEA which is the vehicle of disbursement of the SMEs Fund would ensure businesses that access the funds are supported to grow and create more employment avenues for the youth and the mass of the people”, Mrs Dsane stated.

Story By Michael Ofosu-Afriyie, Kumasi.