The government has placed a GH¢26.4 million grant at the disposal of Small and Medium Enterprise (SMEs) to help them finance their operations.
The grant is expected to provide a cheaper source of funding for SMEs under the Ghana Private Sector Development Facility Project which is being supported by the Italian government.
Consequently, the government in a non-partisan manner has invited interested companies to apply for the facility which is expected to help them realise their full potential.
The Minister of Trade and Industry, Mr Haruna Iddrisu, who announced this at a press briefing on May 30, said the government received a soft loan of GH¢86.68 million (€22 million) from the Italian government out of which GH¢34.9 million (€10 million) was earmarked for the SME sector.
Already, eight local companies have received GH¢13 million (€3.3 million) of the amount with the remaining GH¢26.4 million (€6.7 million) still available for other SMEs that meet the eligibility criteria. Eligibility criteria.
Companies that apply must be fully fledged Ghanaian companies registered with the Registrar General’s Department.
They are also expected to have sound accounting records while having the ability to generate employment for the people.
Mr Iddrisu used the occasion to appeal to beneficiaries of the facility to ensure that they keep to the schedule of repayment and to work with the team of experts managing the project.
“That is the only way we can guarantee j the sustainability of the financing schemes and revolve them to benefit a lot more enterprises,” he said.
The Italian Ambassador to Ghana, Madam Laura Capini, for her part, said the support to the SME sector was relevant to successfully ignite the development of the private sector with the needed financial resources.
According to her, the Italian corporation in Ghana is a pillar of the bilateral trade that exists between both countries, adding that Italy is also active in providing support for other sectors of the economy.
The approved projects are being funded with a total of GH¢13 million (€3.3 million) and this will include the importation of Italian equipment and technology with at least 70 per cent of the funds.
This will also put at the disposal of the beneficiary companies efficient and modern equipment that will be provided with the best Italian technology.
The companies whose projects were approved are 21 Century Construction Limited, Miclin Construction Limited, M Barbisotti & Sons Limited, and Proteus Limited.
The rest are Gyanemens Enterprise Limited, Queen of the Night Hotel Limited, Advanced Car Care Centre Limited, and Intravenous Infusion Limited.
Credit: Graphic