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Akufo-Addo: Ghc145m fund to help post Covid MSMEs recovery

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President Akufo-Addo has launched a one hundred and forty-five million Ghana cedis (GHc 145,000,000.00) grant fund to support micro, small and medium enterprises (MSMEs) as part of the government’s efforts to help MSMEs recover from the impact of the COVID-19 pandemic on their businesses.

Speaking at the official launch of the Ghana Enterprises Agency (GEA), an agency of the Ministry of Trade and Industry, at the Kempinski Hotel on Wednesday, 9th of June 2021, President Akufo-Addo pointed out that his administration will continue to find innovative ways to support the recovery efforts of small scale enterprises in the country.

“I am also launching the GEA, MSME grant fund, established to support SMEs to recover from the effects of COVID-19 and also help them to resuscitate their operations under the Ghana economy transformation project backed by the World Bank. Disbursement of this grant amount to one hundred and forty-five million cedis (GHc145, 000,000.00) will be made to two hundred and fifty (250) to three hundred and fifty (350) SMEs to help them grow into sustainable businesses capable of competing on regional, continental and global stages” President Akufo-Addo stated.

“I assure all MSMEs that this is just the beginning, the best is yet to come and the government will help ensure that the sector receives more support to help in its transformation process” President Akufo-Addo added.

In his address, President Akufo-Addo expressed delight in the birth of the Ghana Enterprises Agency (GEA) which is an institution designed to support Ghanaian MSMEs.

According to the President, MSME sector employs more than 80% of the country’s workforce and generates some 70% of the gross domestic product (GDP). The obvious critical role played by MSMEs according to the President makes the GEA an important development in the nation’s trade and industry sector.

“One of the priorities of my government, since I assumed office in January 2017, has been to transform the structure of our economy from one characterized by being producers and exporters of raw materials to a value-added and industrialized one which will create the necessary numbers of jobs needed for the masses of Ghanaian youth. We cannot realize this vision fully without creating a strengthening agency for the MSME sector to play a lead role in the transformation process. It is my pleasure to launch the Ghana Enterprises Agency, the National MSME and entrepreneurship policy and the GEA MSME grant fund” President Akufo-Addo said.

Chief executive officer of the Ghana Enterprises Agency, Kosi Yankey-Ayeh in her welcome address noted that the new agency is ready to work with all MSMEs in the country to support their recovery from the impact of COVID-19 and to spare rapid growth in the sector. She added that the GEA will ensure equitable distribution of support to entrepreneurs and their MSMEs.

“The next four years will see an increase in the number of beneficiary and funding support for Ghanaians. we will have a transformed institution that seeks to build Ghanaian businesses, create jobs and support a strong economy” Kosi Yankey-Ayeh said.

The Ghana Enterprises Agency (formerly National Board for Small-Scale Industries(NBSSI) is a government agency under the Ministry of Trade and Industry. It is mandated by Act 1043 to promote and develop MSMEs in Ghana.

It replaced the NBSSI in November 2020. Its aim is to interrelate, administer and stimulate the development of Micro, Small, and Medium Scale Enterprises (MSMEs).

Source:Starrfm.com.gh

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We will borrow GH¢2.9 billion to pay debts between June and August; Government has announced

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The government of Ghana is to borrow a little above ¢2 billion in fresh funds between June and August 2021, the latest Issuance Calendar released by the Finance Ministry has revealed.

According to Joy News, the government plans to issue about ¢21.96 billion, out of which ¢19.86 billion will be used to pay a maturing debt or rollover maturities.

A chunk of the funds to be mobilized will come from the 91-day Treasury bills, a clear intention of the government’s quest to reduce foreign borrowing, but could crowd out the private sector from access to funds on the domestic market.

The new funds are expected to finance government projects outlined in the 2021 Budget.

In terms of the period, the government will borrow as much as GH¢8.13 billion in the month of July 2021, the highest among the three months.

According to the calendar, the government will issue ¢11.2 billion via the 91-day Treasury bills, whilst ¢1.71 billion will be mobilized through the issuance of the 182-day T-bills.

¢1.8 billion each is, however, expected to be raised from the 3-year, 6-year and 7-year bonds respectively.

Also, ¢1 billion is expected to be raised through the issuance of a 10-year bond in the month of August 2021.

Whilst ¢1.45 billion is expected to be raised via a one year bill, ¢1.2 billion will be mobilized through the issue of the two-year bond.

According to the government, it will issue the 91-day and 182-day weekly and the 364-day bill bi-weekly. Securities of 2-year up to 10-year will be issued through the book-building method.

The government was expected to have borrowed  ¢4.12 billion in fresh funds in the second quarter of this year which will end this month.

Remember, Ghana’s public debt stock rose by ¢13billion to hit ¢304.6 billion in March 2021, the Bank of Ghana (BoG) Summary of Economic and Financial Data disclosed.

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“Prepare for heavy rain” – Ghana Meteorological Agency warns dwellers of these areas

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Ghana Meteorological Agency has noted a strong warning to Ghanaians that nothing aside from heavy rainfall should be expected this June and July.

According to the officials of the agency, this year’s rainfall will be exceptionally heavy and so proper care should be taken especially in slum areas.

However, they made mention of some areas that much attention should be paid to avoid any natural disaster.

It is said in a statement that the following areas in the Southen belt of the country are key places to be flooded;

Aflao, Ada, Aaktsi, Ho, Tema , Accra, Kpong, Somanya Koforidua, Akim Oda, Nkawkaw ,Anyinam ,Winneba, Cape Coast , Senya Breku, Elmina ,Tarkwa, Twifo Praso, Assin Fosu, Dunkwa On Offin, Breman Asikuma, Sekondi-Takoradi, Axim, Asankragua, Bekwai Jamasi , Mampong, Juaben, Kumasi and Their Environs.

The Northern sector, on the other hand, is expected to be generally cloudy with intermittent rains in the week

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Accra: Disaster looms as articulated truck skids off Kwame Nkrumah Circle overpass [Video]

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An articulated truck with registration number GT 8387 X said to be carrying gallons of engine oil has skidded off the Kwame Nkrumah circle flyover.

The accident occurred on Friday, June 11 at about 9 PM.

Andrew, an eyewitness, told TV3’s Johnnie Hughes that the brakes of the truck failed, forcing the vehicle to recess.

The driver, in an attempt to navigate the vehicle towards the rail, burst a rear tyre and lost control.

The fire service and police were at the scene as of the time of filing this report.

Check Out Video Below:

Source: 3News.com

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