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Business News of Thursday, 23 July 2020


TIN registration increased to 815,449 – Finance Minister

Ken Ofori Atta - Finance Minister Ghana Ken Ofori Atta - Finance Minister Ghana

Finance Minister Ken Ofori-Atta has told Parliament on Thursday July 23 that the tax Identification Number (TIN) registration in Ghana has increased from approximately 110,000 a month to 815,449 from 19th May, 2020 to 30th June, 2020, thereby supporting Government’s agenda to formalise the informal sector

Presenting the mid year budget review to the legislature, he said : “Mr. Speaker, in addition to the interventions, Government, through the Bank of Ghana, responded to the COVID 19-related challenges in the Banking sector with a suite of policy measures designed to cushion businesses and the economy at large. We targeted syndicated lending of GHS3 billion.

“Mr Speaker, I am happy to announce that the banks have reported loan restructurings, moratoria, and new facilities of over GH?7 billion in the past four months.

“Mr. Speaker, the CAP Business Support Scheme (CAP-BuSS) of GH¢600 million was designed to specifically support micro, small and medium-sized enterprises (MSMEs) and was launched by H. E. President Nana Addo Dankwa Akufo-Addo on 19th May, 2020.

“The Scheme is part of the GH¢1.2 billion CAP approved by Parliament to address the disruption to economic activities due to the pandemic. To date, more than 64,000 Ghanaians from all the regions have benefited from the scheme.

“The Scheme established the Adom Micro Soft Loans for micro enterprises which are being disbursed through the Vodafone mobile money platform. The Anidasuo Soft Loans, targeted at small and medium enterprises, will be disbursed through participating financial institutions.”