Nkosuo Program to Support Ghanaian MSMEs Impacted by COVID-19!

The Deputy Minister of Trade and Industries, Robert Ahomka-Lindsay, yesterday launched the Nkosuo program, a partnership between the National Board for Small Scale Industries (NBSSI) and the Mastercard Foundation COVID-19 Recovery and Resilience Program to support Micro, Small and Medium Enterprises (MSMEs).

The Nkosuo program, with an initial commitment of GHS 90 million from the Mastercard Foundation, will provide financial assistance, in the form of grants and soft loans, via participating institutions, including banks, fintech, mobile lenders, NGOs, and Business Development Services. The amount and type of financial support that will be provided to eligible, qualified MSMEs, both in the formal and informal sector, will vary depending on the size of the enterprise, their need, and repayment capacity.

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The Nkosuo program will focus on supporting the following MSMEs and start-ups:

1. MSMEs who need assistance to survive the impact of the COVID-19 pandemic.
2. Businesses in growth sectors where the employment of young people, especially young women, are being significantly impacted by business operation disruptions, supply chain challenges, liquidity shortages, declining sales and profits, and business closures.
3. Businesses providing services that have the potential to meet the growing demands of communities during and after the pandemic.
4. Businesses that will focus on digitization to support MSMEs.

To ensure accessibility and transparency of the registration and application process, NBSSI has made available an online application portal: www.nbssi.gov.gh/recoveryprogram for applications, starting  16th September, 2020.

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Applicants can also call the Call Centre Helpline: 0302747777 or contact the nearest NBSSI Business Advisory Centre (BAC) within their district across the country.

The launch was also attended by representatives from Business and Trade Associations in the MSME sector.

Media contacts:

NBSSI

Mrs. Kosi A. Yankey-Ayeh

Executive Director

National Board for Small Scale Industries (NBSSI)

nbssied@gmail.com

+233 242 666 795

The Mastercard Foundation

Kweku Ahiagble

Email: rkahiagble@mastercardfdn.org

M: 0596914024

Data source: The Mastercard Foundation and NBSSI