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Business News of Thursday, 23 July 2020


Budget review: GUTA optimistic about enhanced stimulus package

President of GUTA, Dr. Joseph Obeng President of GUTA, Dr. Joseph Obeng

President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, says the association is looking forward to more stimulus packages in the mid-year budget review.

Ghana’s finance Minister, Ken Ofori-Atta, is expected to present the midyear budget review in accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921).

It is expected that the finance minister will speak on strategies to generate revenue for the country and the recovery of the economy following the outbreak of the coronavirus pandemic.

The mid-year budget is also expected to examine support for industries and businesses that have been badly affected by the pandemic.

Talking about GUTA’s expectation ahead of the  reading of the mid-year budget review,  President for the Ghana Union of Traders Association (GUTA) , Joseph Obeng, said the outbreak has dwindled the finances of the association and that they are expecting more support on the part of the government.

He lauded government on the GHS600m stimulus package for small and medium scale enterprises (SMEs), as part of efforts to deal with the effects of the Covid-19 on the business community.

The loans formed part of measures put in place by the government of Ghana to mitigate the strain on Small and Medium scale businesses across the country that has been severely hit by the coronavirus pandemic.

“The finance Minister has hinted another stimulus package and we are looking forward to that. We hope the government continues to support business, especially in this covid-19 time,” he noted.