COVID-19: Akufo-Addo announces GHC600 million soft loan package for SMEs in Ghana
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COVID-19: Akufo-Addo announces GHC600 million soft loan package for SMEs in Ghana

- President Akufo-Addo has assured small and medium scale businesses in Ghana of a GHC600 million soft loan package

- The scheme is designed to protect them from the economic impact of the coronavirus

- According to him, the NBSSI, some associations and banks have been selected to support the project

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President Akufo-Addo has revealed that small and medium scale businesses in Ghana would benefit from a GHC600 million soft loan package.

According to him, the move is to protect such businesses from the economic impact of the coronavirus.

As part of a nationwide address on Sunday, April 5, 2020, he explained that the plan is to ensure that Ghanaian businesses are still functioning even though industries are affected by the pandemic.

READ ALSO: COVID-19: Akufo-Addo predicts growth rate could fall from 7% to 2.5% in 2020

Per a report by citibusinessnews.com, he explained that the soft loan scheme would be implemented with the support of the National Board for Small Scale Industries (NBSSI), business & trade associations and selected commercial and rural banks.

The scheme, he said, would have a one-year moratorium and a two-year repayment period for micro, small and medium scale businesses.

President Akufo-Addo indicated that the outbreak of the coronavirus has led to a serious impact on the global economy.

For that reason, he went on, policymakers all over the world are attempting to implementing measures that come with challenging economic trade-offs.

Meanwhile, President Akufo-Addo has revealed that the government has set aside a GHC1 billion package to support businesses in Ghana.

According to him, the decision is intended to help businesses continue operations as the coronavirus takes a toll on the economy.

He indicated that the package, dubbed the Coronavirus Alleviation Programme (CAP), will attempt to revive industries in Ghana affected by the COVID-19 outbreak.

The president gave the announcement as he directed for there to be a partial lockdown on Friday, March 27, 2020.

READ ALSO: Customers of collapsed micro-finances give gov't 2 weeks to release locked up cash

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Source: Yen

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