NBSSI and Mastercard Foundation protect MSMEs with GH ¢ 90m package

Business news for Thursday, September 17, 2020

Source: Happy 98.9FM

2020-09-17

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The National Board of Small-Scale Industries (NBSSI) and the Mastercard Foundation have launched the COVID-19 Recovery and Resilience Program for Micro, Small and Medium Enterprises (MSMEs) called the “Nkosuo” Program.

The new stimulus package is intended to protect micro, small and medium-sized enterprises (MSMEs) from the negative impact of COVID-19.

With an initial commitment of GH ¢ 90 million, the new COVID-19 Recovery and Resilience Program will provide financial assistance in the form of grants and soft loans through participating institutions and business development services.

NBSSI Executive Director Kosi Yankey Ayeh, speaking at the launch of the Program, underscored the call to support MSMEs in the country.

“While we appreciate the scarcity and limited resources we have, the NBSSI representing the Government through the Ministry of Trade and Industry reached out to our friends and development partners to complement the Government of Ghana’s efforts to help MSMEs. Fortunately, the MasterCard Foundation responded positively to our proposal with an amount of GHC 90 million to also support our MSMEs under a program called the “Nkosuo” program.

However, he explained that “The objective of this fund is to provide support to our MSMEs and encourage them to move from resilience to progress, hence the name NKOSUO.

This program with the 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. Master Foundation has led the way into this new era. We are very grateful to them for assistance and partnership over the years and we look forward to being worthy partners for many years to come, let me take this opportunity to ask other development partners to join NBSSI in supporting Ghana’s coronavirus. of the government. Business Relief and Revitalization Program (Ghana CARES). Mastercard Foundation, once again on behalf of the good people of Ghana ”.

The ‘Nkosuo’ program, which will provide financial assistance and will focus on supporting MSMEs and emerging companies in sectors such as Agriculture and Agribusiness, Water and Sanitation, Health and Pharmaceutical, Commerce and Commerce, Clothing and Personal Protective Equipment, Creative Arts . Industry, Manufacturing, Food and Beverages, among others, will be payable within two years after a one-year moratorium.

For his part, Deputy Commerce Minister Robert Ahomka-Lindsay urged the board to handle the disbursement of the stimulus package to work without fear of favors and also called on relevant stakeholders to cooperate with the government of Ghana. to help alleviate the economic catastrophe in the country’s small businesses.

Online portals have been created to ensure easy access to registration and application forms. Prospective applicants to visit the NBSSI online platform [nbssi.gov.gh/recoveryprogram] contact the nearest NBBSI Business Advisory Center (BAC) within your districts across the country.