A total amount of GH¢600 million will be disbursed to owners of Small and Medium-Scale Enterprises (SMEs) to expand their businesses, the President Nana Addo Dankwa Akufo-Addo has announced.
He said, this forms part of government policies to ensure SMEs did not get affected by current COVID-19 pandemic to stabilise the economy.
Addressing the nation on measures government has instituted to contain the pandemic on Sunday in Accra, the President disclosed that government was collaborating with renowned banks to enrol a soft loan for Small and medium scale businesses.
“Government is working in collaboration with the National Board for Small Scale Industries (NBSSI), Business & Trade Associations and selected Commercial and Rural Banks to roll out a soft loan scheme up to a total of GH¢600 million,” he added.
Nana Akufo-Addo stated that the soft loan would have one-year moratorium and two-year repayment period for micro, small and medium scale businesses to compete effectively in the global market.
The policy, he said would help build the capacity of SMEs and curb issues of environmental challenges as well as ensuring business sustainability in the country.
Nana Akufo-Addo noted that in the horrifying situation the nation was passing through various people and institutions suffer, therefore his government was ready to save business from collapsing.
Investing in small and medium size business, he maintained would adequately prepare it to harness the market opportunities for it to excel.
The President called for calmness and stressed the need for everyone to obey the directives instituted by the Ministry of Health and Ghana Health Service to ensure lives are preserved during the pandemic attack, adding that “we know how to bring the economy back to life, what we do not know how to do is to bring back to life.
BY JOYCELINE NATALLY CUDJOE