BUSAC Fund for Ghana’s SMEs reaches $16m

The Business Sector Advocacy Challenge (BUSAC) Fund has raised an amount of $16 million to support Ghanaian private small and medium businesses.

In a press release copied to ghanabusinessnews.com, BUSAC said DANIDA and the European Union (EU) have signed an agreement under which the EU has given an assistance of €3 million which has topped up total commitments by development partners to the BUSAC Fund to $16 million.

The United States Agency for International Development (USAID) earlier in April, 2011 committed $4 million while DANIDA has committed $8 million in support of the second phase of BUSAC Fund which started in 2010, it says.

The BUSAC Fund is a challenge fund initiated within DANIDA’s Support to Private Sector Development Programme, and it is to assist the Ghanaian private sector to advocate to local, regional and national authorities to create the appropriate enabling business environment for the private sector to be profitable and competitive, the release said.

By Emmanuel K. Dogbevi