President Akufo-Addo launches stimulus package today

President Nana Addo Dankwa Akufo-Addo will today launch the GH¢600 million stimulus package to support Micro, Small and Medium Enterprises (MSMEs) negatively affected by the coronavirus (COVID-19) pandemic.

The package christened the Coronavirus Alleviation Programme (CAP) Business Support Scheme (CAP BuSS), is intended to provide relief to the MSMEs in both the formal and informal sectors and will be launched at the Jubilee House.

The management of the CAP BuSS Programme is being facilitated by the National Board for Small Scale Industries, a governmental agency under the Ministry of Trade and Industry.

Launch

The event is expected to attract ministers from the Ministries of Finance, Trade and Industry, and Information. Representatives of Business and Trade Associations in the MSME sector are expected to participate in the launch.

“The processes to access the package have already begun and the launch by the President completes the process which will allow the intended beneficiaries to receive their package by the end of the month,” the Executive Director of NBSSI, Mrs Kosi Yankey-Ayeh, told the Daily Graphic.

She said already, online portals had been created to ensure easy accessibility to the registration and application forms, and encouraged prospective applicants to contact their nearest NBSSI Business Advisory Centre (BAC) within their districts across the country for help if need be.

A number of electronic platforms, including a website, have been created purposely for this programme and these platforms will all come on live tomorrow for registration after the launch.

“However, applicants who will have challenges accessing these platforms can also contact the nearest NBSSI Business Advisory Centre (BAC) within their district across the country, or contact their relevant trade or business association offices for help with the applications,” she indicated.

Background

In his fifth televised address to the nation, President Akufo-Addo announced that the government, in collaboration with the NBSSI, Business & Trade Associations and selected Commercial and Rural Banks, would roll out a soft loan scheme up to a total of GH¢600 million.

The package will have a one-year moratorium and two-year repayment period for micro, small and medium-scale businesses.