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Business News of Friday, 17 July 2020

Source: laudbusiness.com

Govt to announce stimulus package for large scale businesses

The Finance Minister, Mr Ken Ofori Atta has said the government will soon announce a stimulus package for large scale businesses in the country in the wake of the coronavirus pandemic.

He expressed optimism while speaking to Joy News that the package will help these business that have been hit by the pandemic to turn around their fortunes.

“It is not a question of choice. This really is what we call the organizational capacity 0f the nation. We need to find the means of ensuring that they are back in business, they are employing people and they are thriving,” he said.

Already, President Nana Addo Dankwa Akufo-Addo, on April 5, announced a soft loan scheme of up to GH¢600 million for Small and Medium scale enterprises (SMEs).

The package is expected to sustain the country’s affected industries and address the disruption in economic activities caused by the COVID-19 pandemic.

“Government, in collaboration with the National Board for Small Scale Industries (NBSSI), Business and Trade Associations and selected commercial and rural banks, will roll out a soft loan scheme up to a total of GH¢600 million, which will have a one-year moratorium and two-year repayment period for micro, small and medium scale businesses,” the president stated.

In view of the impact of the disease on Ghana’s economy, which is expected to cost in excess of GH¢9 billion, the government set aside a stimulus package of GH¢1 billion for industry.

Additionally, the government established a COVID-19 National Trust Fund to receive donations for disbursement to individuals who have been negatively impacted by the disease.

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