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Business News of Monday, 30 April 2018

Source: citinewsroom.com

AGI members shortlisted for government stimulus packages

Some members of the Association of Ghana Industries (AGI), have been shortlisted to receive stimulus packages from the Ministry of Trade and Industry by the end of April this year.

The Trade Ministry has announced that it will release the funding to twenty more companies through some designated banks by end of April.

As part of plans to grow the private sector, the New Patriotic Party government is providing financial support to some distressed companies.

According to the ministry, it has already released over GH¢ 141 million to six companies out of the 83 that applied for support.

In an interview with Citi Business News, an Executive Member of the AGI, Stephen Owusu, said the monies when given to the companies will be of significant assistance to them.

“Our members are part of it and we are aware. A number of them are part of it. They’ve had a meeting with the banks and I know by the end of the month [April] they are going to start some disbursement. Already, they have earmarked about 20 companies but hey are yet to receive the money,” he said.

Delay in disbursement

The Chief Executive Officer of AGI, Seth Twum-Akwaboah, at a stakeholder engagement with government on the 2018 budget said the delay in the payment was further worsening the plight of distressed companies.

“The stimulus package is yet to really have an effect on the ground. I know the process is going on, but industry is yet to have it. I know there was some provision in this year’s budget, but we are not too sure if the release has been finalized so industries can actually take the funds to stimulate their operations so that is something we need to look at because we are actually delayed as far as targets are concerned,” he stressed.