Ghana gets Italian business development loan

The Ghana government has signed an agreement on a 10 million euro grant to develop small business.

The grant is part of a 22 million euro financial assistance package agreed to by the Italian government in 2004.

The Ghana government said this week the grant would support the private sector under the Ghana Private Sector Development Facility (GPSDF). The main component of the project is a soft loan in favour of Ghanaian entrepreneurs amounting to 20 million Euros, while the remaining 2 million euros will be used to manage the credit facility and implement additional activities such as capacity building courses, micro-projects and development of industrial clusters in various parts of the country.

The Deputy Minister of Trade and Industry, Dr Joseph Annan, said the government believed the private sector held the key to the economic growth and development in Ghana.

He noted that Small and Medium Scale Enterprises (SMEs) currently contributed to over 80% of the country’s Gross Domestic Product (GDP), and had potential to stimulate growth.

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