President Akufo-Addo unveils GH¢600m Coronavirus stimulus package on Monday

The GH¢600 million stimulus package meant to cushion businesses from the negative impact of the coronavirus disease (COVID-19) is to be launched by President Nana Addo Dankwa Akufo-Addo on Monday, May 18, 2020.

Disbursement of the fund is expected to start from May 25, after applicants meet the requirements and eligibility criteria by the National Board for Small Scale Enterprises (NBSSI), the agency with oversight responsibility over the micro small and medium enterprise (MSME), reports Graphic Online's Maclean Kwofi.

The fund, categorised in Anidaso and Adom (special) loans, is to provide between GHȼ1,000 and GHȼ150,000 with five per cent interest rates to businesses under the MSME space.

A Deputy Minister of Trade and Industry, Mr Robert Ahomka-Lindsay, who made this known at a meeting to brief leaders of business associations and trade groups about the package in Accra, observed that the launch would also enable the NBSSI to open for application on May 19.

Short-in-the-arm

Mr Ahomka-Lindsay observed that in Ghana, more than 80 per cent of all registered businesses fall in the category of MSMEs with a similar proportion of the industrial sector making it into the category.

“A strong MSME sector is important for the growth of every economy, advanced or developing. And so it is important for the government to help them to grow.

“We should be clear that the GH¢600 million stimulus package will not resolve all the challenges MSMEs are confronted with in the country but it is a good short-in-the-arm initiative to help them to begin the journey towards growth,” he added.