COVID-19: Banks in Ghana offer GHC3 billion in loans to pharmaceutical companies
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COVID-19: Banks in Ghana offer GHC3 billion in loans to pharmaceutical companies

- The Ghana Association of Bankers has revealed it is ready to make a GHC 3 billion loan package available for pharmaceutical companies

- The Association indicated that the loan is specifically for pharmaceutical companies that produce crucial medical equipment to help fight the COVID-19

- It earlier donated GHC10 million to help with efforts to combat the coronavirus in Ghana

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The Ghana Association of Bankers (GAB) has announced a GHC3 billion package for pharmaceutical companies working in Ghana.

YEN.com.gh understands that this forms part of the strategies adopted by GAB to support the companies.

The decision comes at a time when Ghana is implementing measures to eradicate the epidemic and GAB argued that the pharmaceutical companies are playing an important role in that endeavor.

READ ALSO: COVID-19: Reports suggest African economies may recover only after 3 years

GAB’s offer to the pharmaceutical companies comes after a GHC10 million package to support the national effort, Business Insider.com reports.

The amount was in respect of the procurement of equipment, support to frontline medical staff in residence, and to lessen the difficulties faced by vulnerable citizens during this period of the partial lockdown in parts of the country.

GAB has explained that loans would be readily available for pharmaceutical companies that produce crucial medical equipment to help fight the coronavirus.

Meanwhile, the Ghana Association of Bankers (GAB) has announced a plan to reduce its benchmark rate by 200 basis points.

The move is an attempt to reduce the impact of the coronavirus on businesses and individuals in Ghana.

The reduction, YEN.com.gh has learned, is equivalent to 2% on bank loans and follows a 1.5% reduction in the policy rate by the Monetary Policy Committee of the Bank of Ghana.

GAB’s Chief Executive Officer (CEO), D.K Mensah, explained that the interest rate cut affects all existing local currency-denominated loans and for all new loans to be sanctioned by member banks.

READ ALSO: Ghana's cedi appreciates 1.77% against the dollar at the end of Q1 2020

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Source: Yen

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