- 280 Companies Applied
- 100 Companies Eligible For First Phaze
Story By: Paul Harrison Mensah, Accra
The Minister of Trade & Industry, Mr. John Allan Kwadwo Kyeremanteng, a.k.a (Allan cash) has disclosed that government has secured over US$ 3 billion European grant to be disbursed among distressed companies throughout the Country.
He said the money is ready and within the next two weeks all the companies who applied and are eligible for the package will receive their share through a bank deposits.
According to the Minster, this money forms part of the stimulus package announced by the government four months ago to help alleviate part of problems industries face in the country. It is also a special incentive package for the Manufacturing Companies which are distressed to boost their operations for growth and expansion, improve their technical expertise and increase their access to markets globally.
To this end, he said, the Ministry of Trade and Industry, in collaboration with the Association of Ghana Industries (AGI) are going to sort out with immediate effect 100 industries that have serious production problems and needed urgent support, explaining that so far about 280 companies have already applied for the package.
“The identification processes of the distressed companies was solely done by the AGI, but the Ministry of Trade & Industry will assist them at this final stage to disburse the money to 100 companies as first phaze before the rest follows later in the years”, he added.
Again, the special incentive package is also aimed at realizing the government’s job creation agenda, which was at the heart of its campaign promises of stabilizing the economy, boosting growth and creating jobs, he added.
Mr. Allan Kyeremanteng said, given the important role that industries play in the growth of the national economy, the government had resolved to ensure that businesses within the sector were supported to withstand the odds and expand for industry to regain its shine.
He also added that the initiative forms part of a special support scheme by the government aimed at reviving the dwindling fortunes of the industries in recent years.