Ghana launches Social enterprise initiative to boost SMEs operations

Economics Smes Boost
Economics Smes Boost

A social enterprise initiative aimed at accelerating the growth of small and medium enterprises in Ghana has been launched in Accra.

The project dubbed ‘I Am Investible’ (iAi) is one of the flagship initiatives by Samaritan Angels Limited (SAL).

It aims to accelerate the growth of local enterprises and create 20,000 jobs over the next three years as well as provide Ghanaian entrepreneurs, formal and informal start-ups with financial assistance, mentorship, and technical support.

According to SAL, 200 enterprises are expected to receive a share of a GH¢10 million (GH¢3 million a year) grant while 2,000 others would receive mentorship and technical support over the next three years.

Board Member of the Samaritan Angels Limited, Nana Yaw Amponsah, said the project would empower small and growing businesses to contribute to the economic development of Ghana by creating jobs.

He said the board had set the target for beneficiaries to employ at least one individual in their enterprises after receiving the support.

The Managing Consultant of iAi, Angelina Diyuoh Minski said SAL would support SMEs using its ABC Model, which signifies access to small grants of up to GH¢50,000 to enterprises, Business advisory services and Capacity development.

“We hope that the enterprises will be able to contribute to the economic development of Ghana by creating at least one job each,” Mrs Minski said.

“Samaritan Angels is here to support formal and informal businesses to be able to have funding to scale up their businesses.”

The Employment and Labour Relations Minister, Ignatius Baffour-Awuah, in an address read on his behalf by his Deputy, Bright Wireko Brobbey, said the iAi would enhance the competitiveness and growth of SMEs and support the government’s job creation agenda.

He was certain that with the holistic support provided under the project, SMEs would contribute more to the development of the country.

He said the government would continue to explore innovative ways to support private sector projects such as iAi.

The CEO of eTransact and Head of Mission, Commonwealth Enterprise and Investment Council, John Apea, assured that his outfit would support iAi to make its vision to resource SMEs a reality.

He urged the initial beneficiaries to display high levels of integrity to ensure that more businesses could benefit from the iAi.

Entrepreneurs in Ghana between the ages of 16 and 55 in any sector could visit the website to apply.

Applicants in any of Ghana’s 16 regions are to upload a two-minute video speaking about their business or prepare a 250-word pitch in addition to a GH¢150 processing fee at submission.

The pitches would be evaluated for funding and support by a four-person judging panel, comprising the CEO of GUBA, Dentaa Amoateng MBE; Angelina Diyuoh Minski; CEO, EMI Group Africa, Ekow Mensah; and CEO of Horseman, Tonyi Senayah.

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