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Dec 7, 2011

22 million for Private Sector

Dr. Joseph S. Annan, Deputy Minister of Trade and Industry, says the Italian Government has given Ghana Government a grant of €22 million to promote the development and expansion of the private sector under the Ghana Private Sector Development Facility (GPSDF) initiative.

According to him, €20 million will be given to Small and Medium Enterprises (SMEs), whilst the remaining two million euro will be used to manage the credit facility and also implement additional activities, such as capacity building course, micro-projects and the development industries in various parts of the country.

Dr. Annan disclosed this in Accra, when he announced the second phase of the Italian support, adding that government believe that the private sector holds the key to economic growth and development of Ghana.

He further pointed out that an amount of €10 million has already been made available by the Italian Corporation, to the government of Ghana, whilst 22 million facility of Government’s has made an earlier provision of €11 million, which was disbursed between 2004 and 2008 under the first phase.

Dr. Annan explained that a facility Management Unit has been established under the GPSDF to facilitate the implementation of the project, with more than 450 applications received.

 He said “the government is also convinced that the potential of the SMEs to stimulate such growth is huge as they presently contribute to over 80 percent of the country’s GDP”.

Source: ISD