In a proactive response to the economic challenges induced by the global COVID-19 pandemic, Vice-President Dr Mahamudu Bawumia is set to unveil the Business and Employment Assistance Programme (BEAP) through the Youth Employment Agency (YEA) on Monday, December 11, 2023.
This groundbreaking initiative is poised to reinvigorate Micro, Small, and Medium Enterprises (MSMEs) and offer vital support to the youth grappling with pandemic-induced economic setbacks.
Financial Commitment and Scope:
An impressive One Hundred and Twenty Million Cedis (120 Million Cedis) has been allocated to BEAP, emphasizing the government’s dedication to economic recovery. Anticipating benefits for 10,000 MSMEs and 20,000 young Ghanaians, BEAP stands as a beacon of hope for those navigating the aftermath of the global economic downturn.
Context of the Crisis:
The severe impact of the COVID-19 pandemic witnessed businesses nationwide struggling with declining turnovers, leading to many facing dormancy. The resulting layoffs, particularly affecting the crucial age group of 18-45, caused a surge in youth unemployment.
Government’s Proactive Response:
Acknowledging the gravity of economic challenges, the Akufo-Addo government promptly launched the COVID-19 Economic Recovery Programme (COVID-19 ERP). This emergency initiative aimed to rejuvenate businesses, providing a much-needed boost to the faltering economy.
YEA Takes the Lead:
In response to the government’s call, the Youth Employment Agency (YEA) embraced the challenge from the ERP and is spearheading the implementation of BEAP, designed to offer critical support to micro to small-scale enterprises.
BEAP Launch Details:
The highly anticipated launch is scheduled for Monday, December 11, 2023, at the Accra Digital Centre, beginning at 9:00 a.m. BEAP’s primary objective is to breathe life back into MSMEs affected by the global pandemic, enabling them to rehire laid-off employees, employ new workers, and provide essential skills for enhanced productivity.
Financial Assistance Structure:
One Hundred and Twenty Million Cedis (120 Million Cedis) will be distributed among beneficiary MSMEs, with the expectation that each engages a maximum of five (5) employees.
Employees will receive a monthly allowance of GH¢ 500 as a top-up to their regular salary for one year, offering crucial support for businesses to recover and expand.
Stakeholder Engagement:
Leading up to the official launch, YEA, is engaging with stakeholders in five regions, including influential Business and Industry Associations, to gather insights for effective BEAP implementation.
Regional Itinerary:
Accra hosted the first stakeholder engagement on November 27, focusing on manufacturing and industry players. Subsequent engagements took place in Takoradi, Eastern Region, and the Ashanti region. The series will conclude in Tamale on December 4.
Media Interaction and Portal Launch:
The official launch on December 11 will include media interviews and interactions. The BEAP portal will be opened for businesses to register and apply with the assistance of YEA officials.
Contact for Further Information:
For inquiries and clarification, Emmanuel Afriyie of the YEA Corporate Affairs Directorate can be contacted at 0240770624, and Chris Arthur of the Technical Services Directorate at 027………………
How to Apply:
Interested parties are encouraged to visit the YEA Website via www.yea.gov.gh or apply.yea.gov.gh or contact [email protected] for registration and application support.
YEA’s Commitment to Development:
YEA reiterates its commitment to the holistic development of MSMEs, striving to create more decent job opportunities and contribute significantly to reducing youth unemployment in Ghana.