Ghana secures $200 million from World Bank to support entrepreneurship and SME growth

The government of Ghana has secured a $200 million facility from the World Bank to help in the transformation and diversification of its economy by promoting private investment and firm growth in the real sectors of the economy.

Pierre Frank Laporte

The project will also support entrepreneurship and Small and Medium Enterprise (SME) growth by strengthening the entrepreneurship support ecosystem, and it will include early-stage financing for growth-oriented entrepreneurs.

The funded projects from the International Development Association (IDA) was approved by the World Bank Board of Executive Directors on July 2, 2019.

It is aimed at implementing an integrated programme will help boost the country’s competitiveness and deliver sustainable jobs under the Ghana Economic Transformation Project (GETP).

The GETP will support improvements in the business environment and build capacity for investment attraction and retention as well as spatial development such as Special Economic Zones (SEZs) to address constraints to access industrial land.

The World Bank Country Director for Ghana, Liberia and Sierra Leone, Pierre Laporte who announced the project noted that “Ghana needs to invest more, diversify, and increase productivity if it is to achieve the government’s current strategy of transforming the economy through higher, inclusive and sustainable growth with the private sector as the main driver.”

He added that “This operation directly aligns with the government’s strategy and with the World Bank’s Africa regional strategy, which lays out economic transformation as a mechanism to create sustainable and inclusive growth.”

The GETP will support the Government’s strategy of transforming the Ghanaian economy to achieve inclusive and sustainable growth, with the private sector as the main driver to build the most business-friendly economy in Africa and foster the competitiveness of Ghanaian firms.

The interventions under the project are complementary to initiatives of other development partners focusing on the investment climate, skills development, industrial parks, access to finance, agricultural value chains and climate innovation. The interventions under this project will contribute to the World Bank Group’s twin goals by supporting opportunities for business growth and job creation in non-resource-based sectors.

The government of Ghana has secured a $200 million facility from the World Bank to help in the transformation and diversification of its economy by promoting private investment and firm growth in the real sectors of the economy.

The project will also support entrepreneurship and Small and Medium Enterprise (SME) growth by strengthening the entrepreneurship support ecosystem, and it will include early-stage financing for growth-oriented entrepreneurs.

The funded projects from the International Development Association (IDA) was approved by the World Bank Board of Executive Directors on July 2, 2019.

It is aimed at implementing an integrated programme will help boost the country’s competitiveness and deliver sustainable jobs under the Ghana Economic Transformation Project (GETP).

The GETP will support improvements in the business environment and build capacity for investment attraction and retention as well as spatial development such as Special Economic Zones (SEZs) to address constraints to access industrial land.

The World Bank Country Director for Ghana, Liberia and Sierra Leone, Pierre Laporte who announced the project noted that “Ghana needs to invest more, diversify, and increase productivity if it is to achieve the Government’s current strategy of transforming the economy through higher, inclusive and sustainable growth with the private sector as the main driver.”

He added that “This operation directly aligns with the government’s strategy and with the World Bank’s Africa regional strategy, which lays out economic transformation as a mechanism to create sustainable and inclusive growth.”

The GETP will support the Government’s strategy of transforming the Ghanaian economy to achieve inclusive and sustainable growth, with the private sector as the main driver to build the most business-friendly economy in Africa and foster the competitiveness of Ghanaian firms.

The interventions under the project are complementary to initiatives of other development partners focusing on the investment climate, skills development, industrial parks, access to finance, agricultural value chains and climate innovation. The interventions under this project will contribute to the World Bank Group’s twin goals by supporting opportunities for business growth and job creation in non-resource-based sectors.

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