President Akufo-Addo has announced a soft loan scheme for micro, small and medium scale businesses. The loan, a total of GH₵600 million, will have a one year moratorium and two-year repayment period.
The soft loan scheme for SMEs will be done in collaboration with the National Board for Small Scale Industries, Business and Trade Associations as well as selected commercial and rural banks.
According to President Akufo-Addo, the soft loan scheme for SMEs will lessen the negative impact of the coronavirus outbreak on businesses.
He disclosed this when he addressed the nation on Sunday, 5 April 2020 regarding the state of the COVID-19 pandemic in Ghana.
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The soft loan scheme for SMEs will have a year moratorium and two-year repayment period.
He said as part of measures, he had also directed the Minister for Finance to send to Parliament the Coronavirus Alleviation Programme (CAP), aimed at protecting households and livelihoods.
He said the CAP would also support micro, small, and medium sized businesses, minimise job losses and source additional funding for promotion of industries to shore up and expand industrial output for domestic consumption and exports.
