- The Ministry of Finance is collaborating with the Bank of Ghana and commercial banks in the country to provide funding for specific industries
- The GHC3 billion package was announced by President Akufo-Addo during a meeting with stakeholders in the hospitality industries
- He noted that his government has been the hardest hit by COVID-19 and the fall in price of oil has worsened matters
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YEN.com.gh has learned that the government has sealed a GHC3 billion deal with the Bank of Ghana and commercial banks in Ghana to support specific local industries.
According to President Akufo-Addo, the amount will be available for industries that have been severely affected by the COVID-19.
He mentioned this during a meeting with stakeholders in the hospitality industry and explained that the fund would come in the form of loans.
READ ALSO: Oil prices fall for the second time; raises concerns about storage
Per a report by ghanaiantimes.com.gh, he added that “the Bank of Ghana, with the support of the Ministry of Finance, has worked towards reducing interest rates and even putting in place a moratorium on the payment of monies.”
President Akufo-Addo went on to say that more packages were being negotiated between the Finance Ministry and the Central Bank for large amounts to be pumped into the economy.
The packages would be directed at productive sectors of the economy and this is different from the GH¢600 million packages earmarked for SMEs to cushion them against the impact of the COVID-19 pandemic.
The president noted that although his government is the hardest hit by the coronavirus pandemic, it will continue to work hard to restore the economy.
He revealed that a substantial portion of the government’s revenue has been lost as a result of the fall in the price of oil.
He noted that “the 2020 budget which was made in November was predicated on 65 dollar barrel of oil. Today we all know that oil is now around 18, 19, 20, 21 dollars oil a barrel.”
YEN.com.gh earlier reported that President Akufo-Addo said 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: IMF predicts Africa would suffer 3 serious shocks from COVID-19
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