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Business News of Thursday, 28 May 2020


Use ¢600m stimulus package wisely - GUTA to applicants

Applicants at a center File photo) play videoApplicants at a center File photo)

President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng has entreated his members as well as other groupings who have applied for the government’s ¢600m stimulus package to pump the monies they'll receive into their businesses for it to thrive.

He noted that persons who will spend their monies lavishly will land in trouble as they may not be able to repay the loan with the 3% interest on it.

Cautioning applicants in an interview with GhanaWeb, Dr. Obeng said “use this money directly for the intended purposes for which they have applied for this fund. If they divert it to any other thing, they are in for trouble because this fund is to help you mitigated what you need or what is actually worrying you during this COVID period and so it is to strengthen you…upon your dwindling capital so that you can be able to do what normally you doing."

Dr Obeng said when his advice is adhered to, the government would be emboldened to give out more relief funds to traders when they are faced with pandemics among other challenges.

“This is not a grant, it is money that they will repay…So that our integrity will be intact for government to be emboldened to make sure that this fund is a permanent one,” he stated in the interview with GhanaWeb.

Dr. Obeng also confirmed to GhanaWeb that numerous people have applied for government’s ¢600m stimulus package to help lessen their burden in these coronavirus times which has badly affected businesses.

Speaking to GhanaWeb, he stated categorically that “yes, my members are actually applying for this stimulus package and it will surprise you to know how people are very enthusiastic about this whole process…The queue out there is not small…It is my wish that a great majority of us have their application qualified and being given this money.”

He also noted that the technical challenges the National Board for Small Scale Industries was earlier confronted with has been fixed and applicants have been successfully enrolled onto the platform to acquire for government’s loan.