Good news for startups in Ghana which are into tourism-related businesses. A new $9 million tourism grant scheme has been launched for them under the Ghana Tourism Development Project, geared towards revitalising the tourism sector that has highly been affected by the COVID-19 pandemic.
“Tourism has the advantage of creating employment across backgrounds, across various education levels, and across gender, and therefore it is employment generator when we do it properly,’’ Yaw Osafo–Maafo Ghana’s Senior Minister said.
“We believe that the devastating effect on tourism, culture and travel, would be minimized and the industry will regain its rightful place in the economy.
Here Is What You Need To Know
- The funds, being provided by the International Development Agency of the World Bank Group, would benefit about 1,000 small and medium scale enterprises and startups in the tourism and hospitality sector.
- Mr Osafo Maafo described the scheme as the first-ever tourism enterprise support programme in the history of the country to support businesses that would promote tourism in the nation.
- It aims at supporting registered individual enterprises and other enterprises operating in the tourism and hospitality sector.
- The amount, an initial capital under the scheme, is expected to be increased with more funds as the scheme grew, the Minister explained, urging the operators to ensure that they made the scheme successful to attract more funds.
How Startups In Ghana Can Apply Under the Scheme
- Applicants of the grant would be required to submit proposals to the grant management team for onward submission to the grant committee, which would evaluate and then approve an amount for a beneficiary.
To benefit tourism startups and SME:
- Must be a registered business with the Registrar General’s Department with majority Ghanaian shareholding /ownership
- Must be a registered tourism-specific establishment
- Majority Ghanaian shareholding businesses in the tourism value chain, including micro, small, and medium enterprises (MSMEs)
- Must have a physical presence in Ghana
- Must be a profitable business
- Must own and or manage a tourism site (for site upgrade grant category)
For more information on how to apply, visit here.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer