Some businesses didn’t assess Covid-19 support despite release of funds -Ghana Enterprises Agency

The Ghana Enterprises Agency has revealed that some businesses which were granted financial support to alleviate the impact of the novel coronavirus pandemic are yet to assess their funds.

According to the Agency’s Executive Director Kosi Yankey-Ayeh, data provided by some banks indicate that many of the accounts through which monies were supposed to have been disbursed have not seen any activity.

“When we reviewed, we realise some people have never gone to the banks to go and take their funds. They had applied, they had been successful, the funds have been given to the banks to reach out to them but for some reason or the other… From one bank there were about 1,500 accounts that have not been opened or taken over because the people didn’t go for the funds,” she said on PM Express.

She said although some applicants failed to assess their monies, GEA has successfully disbursed funds to about 300,000 people.

[embedded content]

Government, at the peak of the pandemic, rolled out the Coronavirus Alleviation Programme Business Support Scheme (CAP BuSS) Economic Stimulus to support affected businesses.

She, however, indicated that the Agency will consider mechanisms to redistribute these support to other applicants.

Meanwhile, Kosi Yankey-Ayeh says the Institution should not be seen merely as a funding agency.

She said the GEA provides the needed support the Small and Medium-scale enterprise (SME) owners need to keep their businesses running.

“Most people see the former National Board for Small Scale Industries (NBSSI) and I am sure people are thinking we should be a funding agency. We are not the funding agency,” she reiterated on June 10.

She said the support comes in the form of technical and some instances facilitate or provide access to finance.

She added that instead of being seen as funding agency, she preferred that the Agency “be seen as a total 360 support given to businesses when the need is there and when we have the resources to provide that kind of support.”