COVID-19 has assumed global pandemic status, with various governments putting in place measures to contain the spread of the infection, reduce mortalities and mitigate the potential economic impact on businesses and households. As part of the measures to mitigate the socio-economic impact of COVID-19 on Ghanaians, the Government of Ghana announced the establishment of the Coronavirus Alleviation Programme (CAP) in April 2020. CAP is targeted at providing emergency funds to Micro Small and Medium Enterprise (MSMEs) to cushion such enterprises affected by the COVID-19 pandemic. The objectives of the fund comprise:
•To provide short to medium term financial support administered in the form of grants, concessionary loans and credit guarantees to businesses, and;
•To sustain businesses through technical assistance in the form of training on general business management practices and good corporate governance principles.
The total value of the fund is about US$172mn. This is being contributed by the Government of Ghana and participating financial institutions. CAP expects additional funding from international development institutions and agencies.
The Government of Ghana selected National Board for Small Scale Enterprise (NBSSI) as the implementing institution and KPMG in Ghana as the Technical Advisors of the Fund.
KPMG’s role as Technical Advisor encompasses set up and technical administration support in functional areas including:
•Governance and Administration of the Fund
•Fund Disbursement (Pre and Post Disbursement support)
•Risk management and
KPMG Partners Ghana COVID-19 Private Sector Fund to roll out FEED-A-KAYAYO Project
In line with supporting and improving the communities in which we live and work, KPMG in Ghana partnered the Ghana COVID-19 Private Sector Fund to successfully roll out an intervention which provided meals to the less privileged through the “FEED-A-KAYAYO” project.
The programme was a quick intervention to reach the vulnerable in Accra and Kumasi during the lockdown period. The main targets were the KAYAYEI (head-porters) at various locations impacted by the directive to restrict movements in the Greater Accra and Ashanti regions.
The project ran from 1 to 12 April 2020 (12 days) and had two objectives:
•Help alleviate the economic challenge faced by the head-porters as a result of the directive to restrict movements in the ﬁght against COVID-19
•Provide 10,000 hot meal a day for the head porters
A total of 145,746 packs of food were provided to beneﬁciaries during the period.
The total cost of food, water, logistics and all incidental cost at the end of the project was GHS906,541.
The FEED-A-KAYAYO project was funded by donations from generous individuals and corporate institutions. Aside from offering our expertise through the conceptualisation and structuring of the project on pro bono basis, we also made a financial contribution of Ghc50,000 to support the project.
It is evident that these are challenging times and as a business with purpose, we are cognisant of our stake in ensuring that the support systems of our country are well-fuelled to perform their respective functions in sustaining our people and the economy. It is based on this that we responded to the government’s call on the private sector to support the fight against the COVID-19 pandemic. KPMG in Ghana like other member firms is committed towards a common purpose of fuelling the prosperity of our communities and beyond. We will continue to forge ahead in co-creating sustainable community and national initiatives.