The United Nations Development Programme (UNDP) has reaffirmed its dedication to supporting Micro, Small, and Medium Scale Enterprises (MSMEs) in Ghana to evolve into pan-African and global entities.
This commitment was underscored by the allocation of a total sum of $70,000 to deserving MSMEs under its Integrated MSME Support Program.
The grant ceremony, which took place at the UNDP Ghana office, brought together mentors, implementors, and 18 finalists. This aim to bolster high-growth and innovative businesses, providing them with the resources necessary to scale and solidify their operations.
Dr. Angela Lusigi, UNDP Resident Representative in Ghana, emphasized the significance of these grants in her address, stating, “our small grants to our finalists mark the culmination of our efforts to identify high-growth female and youth-led businesses in designated districts for catalytic investment and support MSMEs with business development mentoring and coaching.”
She further elaborated, “supporting inclusive businesses will create opportunities for women and youth enterprises to grow and thrive, taking advantage of new opportunities to trade across borders through AfCFTA. Supporting sustainable businesses will enable nature-based enterprises such as agroprocessing, waste recovery, and eco-tourism to transform local economies.”
The Integrated MSME Support Program focuses on good business practices and leveraging the opportunities presented by the African Continental Free Trade Area (AfCFTA) agreement through the One Africa Market initiative.
The Head of SME & Partnerships at Absa, Audrey Abakah offered cautionary advice to the awardees, urging them to utilize the funds purposefully and refrain from diverting them to unrelated projects.
She emphasized, “utilize the money purposely for which you applied for this program. Do not divert it because there is a possibility that when you divert the money to an unknown business line you will lose it. We don’t want you to lose this opportunity.”
Mrs. Abakah also Mrs Abakah advised the finalists that “we want you to come back and testify that because of this program and the grant money received, my business progressed from this level to that level for that matter, I’ve been able to create additional job. That is an impact story”.
Partnerships with Absa, EMPRETEC Ghana, Mastercard Foundation, and Business Advisory Centers/Business Resource Centers have been instrumental in the success of the Integrated MSME Support Program.