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Business News of Thursday, 21 May 2020


Coronavirus: Businesses with over 99 staff not qualified for GH¢600m soft loan – NBSSI

Kosi Yankey-Ayeh, Executive Director for the NBSSI play videoKosi Yankey-Ayeh, Executive Director for the NBSSI

Chief Executive Officer of the National Board for Small Scale Industries (NBSSI) Kosi Yankey Ayeh says businesses with over 99 staff are not eligible for the GH¢600m stimulus package.

She made these clarifications on Thursday, May 21, 2020 while updating participants on COVID-19 alleviation program at the Ministry of Information press briefing.

Speaking at the event, NBSSI boss Kosi Yankey Ayeh said, “Micro Small and Medium Enterprises (MSMEs) as defined by the Ministry Of Trade And Industries are Micro is 1 to 5 staff, Small is 6 to 29 staff, Medium is 30 to 99 staff. Businesses outside this range of staff do not qualify to apply.”

“We have been able to launch the technology allowing MSMEs to apply. The target beneficiaries continue to be the Micro Small and Medium Enterprises who have been negatively affected by the coronavirus pandemic. As well as those producing goods and services that will help in fighting coronavirus”, she indicated.

Applications from businesses, Madam Yankey, noted, would be processed through an online portal which has been launched already.

President Nana Addo Dankwa Akufo-Addo on Wednesday, May 20, 2020, launched a GH¢600 million Coronavirus Alleviation Programme (CAP) business support scheme intended to support small and medium-scale enterprises (SMEs) impacted by the novel coronavirus.

The fund is intended to provide relief to SMEs across the country that has been negatively affected by the disease.

In his fifth televised address to the nation, the President announced that the government has partnered with the private sector to introduce a scheme in support of SMEs which were facing challenges owing to COVID-19.

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