Government avails GHS600m soft loan scheme for small businesses

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The government has put in place a soft loan scheme with a two-year repayment plan for micro, small and medium scale businesses. Persons who access these loans will have a one year grace period before beginning repayment.

“Government, in collaboration with the National Board for Small Scale Industries (NBSSI), Business & Trade Associations and selected Commercial and Rural Banks, will roll out a soft loan scheme up to a total of six hundred million cedis (GH¢600 million), which will have a one-year moratorium and two-year repayment period for micro, small and medium scale businesses,” President Nana Akufo-Addo announced during a national address on Sunday evening.

Currently, there is a two-week partial lockdown of Accra, Kasoa, Tema and Kumasi in place which started on Monday, March 30.

The over 7 million residents in these areas have been advised to only leave their homes in search of essential items or activities.

Most businesses in major economic hubs have been inactive during the period.

Only persons and establishments working within the food value chain have been allowed to operate.

A decision on whether to extend the current partial lockdown in place to contain the spread of the novel coronavirus will be made “in the coming week”, President Akufo-Addo noted.

The government has already indicated that the cumulative effect of the novel coronavirus pandemic will cost Ghana GHS9.505 billion.

Read more here.

Source: Citinewroom

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