On 5th July, 2021, Minister of Trade and Industry, Mr. Alan Kyeremanten, together with his two deputies, Herbert Krapa and Nana Ama Dokua Asiamah-Adjei, inaugurated two separate committees at the Ministry.
The first was the Project Implementation Unit of the Ministry under the World Bank-funded Ghana Economic Transformation (GET) Project to oversee a $200 million Credit Facility from the World Bank aimed to accelerate the improvement of the business environment and to attract private capital, particularly, FDI.
The second was the Grant Scheme Committee of the Ghana Enterprises Agency, to have oversight responsibility of the GEA SME Grants Programme which consists of the COVID-19 Response Grant Programme and SME Growth Programme which was launched in June 2021.
It seeks to accelerate Entrepreneurship and SME growth in non-resource-based sectors through grant schemes to improve access to finance, technical assistance, and market development.
In effect, the Grant Scheme will serve as an emergency liquidity support to the high-growth SMEs affected by the COVID-19 Pandemic as well as support their sustainable recovery, post-COVID.
The scheme will also provide technical assistance and address inefficient practices as well as the low management capabilities of many SMEs (Corporate Governance).