The MTN Foundation Economic Empowerment Programme has disbursed GHS 5 million to 454 Micro, Small, and Medium Enterprises (MSMEs) across Ghana. This significant financial injection aims to bolster the growth and sustainability of vital small businesses within the national economy.
This disbursement occurred over three years, targeting specific regions and business types. The initiative forms part of MTN Ghana's 25th Anniversary legacy projects. It was rolled out in collaboration with the Innohub Foundation, an organization specializing in enterprise support. The programme intends to unlock new growth pathways for young entrepreneurs and other underserved business owners.
Ghana's economy heavily relies on MSMEs, which contribute significantly to employment and Gross Domestic Product (GDP). Data from the Ghana Statistical Service (GSS) indicates that MSMEs account for over 80% of all businesses in Ghana. They employ a substantial portion of the workforce. This MTN Foundation programme directly addresses a critical challenge for these businesses: access to capital and business development support. Such support is crucial for their survival and expansion in a competitive market.
Miss Juliet Dzasi, Programme Lead at Innohub Foundation, highlighted the programme's strategic goals. She stated that the initiative aims to support at least 500 MSMEs over a five-year period. Each selected enterprise can receive funding of up to GHS 20,000. This funding is complemented by tailored business development services. Ms. Dzasi emphasized that the programme responds to identified gaps in the MSME sector. It seeks to stimulate meaningful economic transformation for these businesses.
The continued support for MSMEs through such programmes is vital for Ghana's economic resilience. It helps create jobs and fosters innovation. Policymakers and financial institutions will closely monitor the impact of these disbursements. The success of these enterprises could influence future corporate social responsibility initiatives and government support schemes. Increased MSME activity often translates into broader economic growth and improved living standards for many Ghanaians.
The programme specifically targets youth-led, women-led, and People with Disabilities (PwDs)-led MSMEs. These businesses must have been established and actively operating for about two years. Beneficiaries are expected to demonstrate existing customer bases and revenue generation. They must also show clear potential for expansion. This year, the initiative focused on MSMEs in the Bono, Bono East, and Ahafo Regions. Between 100 and 150 MSMEs in these regions were expected to receive support. The funding amounts ranged from GHS 10,000 to GHS 20,000, tailored to individual financial needs.
Ms. Dzasi explained that selection for youth-led MSMEs involves a competitive pitch phase after registration and application review. However, criteria for women-led and PwDs-led MSMEs are less rigid. These businesses primarily need to be registered and operational. The programme also provides extensive training and business development skills. These skills help beneficiaries improve their market linkages. Additionally, MTN Ghana supports registering these businesses onto 'merchant accounts'. This helps separate business finances from personal accounts, promoting better financial management. Before receiving funds, beneficiaries undergo due diligence checks. Regular monitoring ensures funds are used for their intended purpose. Business visits are also conducted to track growth and expansion. This comprehensive approach aims to maximize the impact of the financial support and capacity building.