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Business News of Sunday, 28 June 2020


Govt to provide funding assistance to traders through CODA credit union

Jerry Ahmed Shaib, CEO of Coastal Development Authority (CODA) Jerry Ahmed Shaib, CEO of Coastal Development Authority (CODA)

The Chief Executive Officer (CEO) of the Coastal Development Authority (CODA), Jerry Ahmed Shaib, has disclosed that traders within the various districts in Ghana will receive loans from the government under the CODA credit union to finance their trading activities.

“We are working with the Credit Union Association to have credit unions formed across the 109 constituencies [under the jurisdiction of CODA]. This is just to support them with some funding.”

Speaking at a sod-cutting ceremony for the construction of the Asutuare Market in the Greater Accra Region, he added that, “From GH¢1,000 right up to whatever amount, depending on your capacity and what we’ve also evaluated you to be. And we are not looking at any interest rate.”

Following the outbreak of COVID-19 in the country, businesses have been hugely impacted with many having to close down or adjust by laying off employees.

Meanwhile, government has disbursed a soft loan scheme to cushion Micro, Small and Medium-scale businesses in the wake of the pandemic.

With a two-year repayment plan for SMEs, entrepreneur who receive the loans will have a one-year grace period before repayment.

On the other hand, Second Deputy Governor of the Bank of Ghana (BoG), Elsie Addo Awadzi, has applauded Small Medium Enterprises (SMEs) for weathering the storm. She noted that in spite of the enormous challenges the sector faced before and during the pandemic, the resilience of the sector has also been evident.

She called on Ghanaians to support the sector considering their input on the economy adding that “this spirit that needs to be promoted and supported to help build a stronger and more resilient Ghanaian economy, post-COVID 19.”