- 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.
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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.
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