Local Businesses Fifty companies to receive government support

Government honours budget promise to support struggling businesses.

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play Alan Kyeremateng
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Fifty companies have been selected through by the Ministry of Trade and Industry (MoTI) to benefit from its initiative aimed funding some businesses to help revive them.

Out of the about a hundred businesses that applied, the selected businesses most of which were victims of incessant power supply known as ‘dumsor’ are expected to rekindle the growth of their businesses that were stymied by the power fluctuations.

This announcement was made by Mr. Alan Kyeremateng, Minister of Trade and Industry at meeting of business experts at the American Chamber of Commerce Ghana.

The Minister explained that prior to the selection, businesses that applied went through screening and diagnostic exercises before the successful ones were selected to benefit from the package.

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Establishing the basis for this initiative, Mr. Kyeremateng said the 2017 budget states that “a National Industrial Revitalisation Programme with a stimulus package for industry will be established.”

The package, according to the budget, will provide technical and financial support for companies that are distressed or facing operational challenges but are deemed to be viable.

The budget states that promising businesses facing difficulty in their work would be given a package including both financial and technical support to help progress these businesses.

Speaking at the meeting, Mr Kyerematen stated that had been allocated as seed fund, with an additional, to help the companies manage their debts.

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The Minister noted that $50 million was set aside as seed funding for the businesses and an extra $150 million also would be geared towards the debt reduction of these companies.

He said the government had also outlined a 10-point agenda for business transformation in the country.

Key among them is the ‘(ODOF) policy. Others are the creation of strategic anchor industries by developing the petrochemical and iron and steel industries.

The minister also highlighted other undergoing government projects like the ‘One district, one factory’ among others that all meant to promote business growth and strengthen the economy of the nation.

Mr. Kyeremateng further stated that the government also had in its plans to establish, diversify the country’s export and import base, as well as develop the small and medium-scale enterprises (SMEs) sector.

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He also hinted of future government projects like an industrial park that would expand the import and export hubs of the nation while developing small and medium enterprises.

 Mr. Felix Addo, Vice President of AMCHAM Ghana petitioned on government to see to the fruition of this project to help empower the economy.

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