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The National Board of Small-Scale Industries (NBSSI), in collaboration with the MasterCard Foundation, launched on Wednesday the Covid-19 Recovery and Resilience Program for Micro, Small and Medium Enterprises (MIPYMES) called the ‘Nkosuo’ Program.
The program that involves an injection of ¢ 90 million to the sector is a collaboration between the government and the MasterCard Foundation to strengthen small businesses against the adverse effect of the coronavirus.
Speaking at the launch of the Program, NBSSI Executive Director Kosi Yankey Ayeh emphasized the need to support MSMEs in the country.
He said that due to the critical role and space that MSMEs occupy in the economy and the resulting effect of the new coronavirus on small business finances, there is a need to cushion them to make them viable and competitive.
“While we appreciate the scarcity and limited resources we have, the NBSSI representing the government through the Ministry of Commerce reached out to our friends and development partners to complement the government’s efforts in assisting MSMEs.
” Fortunately, the MasterCard Foundation responded positively to our proposal with an amount of ¢ 90 million to also support our MSMEs under a program called the ‘Nkosuo’ program.
“The objective of this fund is to support our MSMEs and urge them to move from resilience to progress, hence the name ‘Nkosuo’. This program with Mastercard Foundation marks the beginning of a new era for MSMEs in Ghana: an era that opens its doors to development partners for new, innovative and strategic alliances like this one with the Mastercard Foundation, ”he added.
The Executive Director already said that online portals had been created to ensure easy access to registration and application forms, and encouraged potential applicants to visit the NBSSI online platform or contact the Business Advice Center (BAC) of the nearest NBBSI within their districts across the country. country for help if needed.
Highlighting the role of partnerships and collaboration in transforming the nation’s economy, Guest Speaker and Deputy Minister of Commerce Robert Ahomka-Lindsay highlighted the need for cooperation between government and relevant industry stakeholders to alleviate even more economic difficulties for small businesses.
The program has a one-year moratorium and a two-year payback period and focuses on supporting MSMEs and emerging companies in sectors such as Agriculture and Agribusiness, Water and Sanitation, Health and Pharmaceutical, Commerce and Commerce, Clothing and Protection Personal. Equipment, Creative Arts Industry, Manufacturing, Food and Beverages among others.
