Covid-19: R2 billion SME loan package announced by Ghana’s president

Covid-19: R2 billion SME loan package announced by Ghana’s president

- President Akufo-Addo has assured small and medium businesses in Ghana with a R2 billion stimulus plan

- 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 R2 billion 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, 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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As 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 and 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.

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

For that reason, policymakers all over the world are attempting to implement measures to counter the looming global recession.

Most countries in the world are in some kind of a lockdown situation with millions of people working from home where possible.

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Source: Briefly.co.za

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