President Akufo-Addo has assured Medium, Small and Micro Enterprises in the country of his commitment to safeguarding their jobs following the economic impact of the novel coronavirus pandemic.
According to him, protecting the means of livelihoods of the people of Ghana is very dear to his heart.
Speaking at the launch of the Coronavirus Alleviation Programme (CAP) Business Support Scheme at the Jubilee House on Tuesday, May 19, 2020, President Akufo-Addo said the impact of COVID-19 on jobs in Ghana cannot be overemphasized and expressed his determination to do everything in his power to protect jobs at all levels of the economy.
“I am passionate about the scheme working, government is investing a lot in it and I am confident that the proper application of these funds will help our nation bounce back stronger and better than before,” President Akufo-Addo noted.
“The business support programme is an integral part of the resilience and recovery plan which is being instituted by the government to ensure the renewal of economic activity and sustenance of livelihoods. We are determined to protect as many jobs as possible and to help as many businesses as possible get back on their feet,” he added.
The President urged all persons who intend to access the two financial avenues, Adom microloans for smaller enterprises and the Anidasuo soft loans for larger enterprises, to use the resources for the sole purpose for which they are advanced to them.
“I urge all beneficiaries to use the funds received for the intended purpose so that together, we can work to grow our economy once again,” he stated.
Executive Director of the National Board for Small Scale Industries (NBSSI), the body tasked to manage and administer the Coronavirus Alleviation Programme (CAP) Business Support Scheme, Mrs. Kosi Antiwiwaa Yankey-Ayeh, in a brief remark observed that Micro, Small and Medium Enterprises (MSMEs) have a window of opportunity to access soft loans at an interest rate of 5% with a one-year moratorium and a repayment period of two (2) to three (3) years.
Madam Yankey-Ayeh, also added that interested applicants can register via phone, text, online, and paper application. Applications she said will be received on a central portal with applicants receiving confirmation messages via text or email specifying their unique reference code, a URL, and the next steps they ought to take. With the reference code, they will be able to go through the application process.
The technology platform will pass on the data gathered to the financial institutions/telcos and subsequently, they will assess the applications and issue a recommendation. Once the recommendation is approved, funds will be disbursed directly to successful applicants. She indicated that disbursements to successful applicants will be made via Mobile Money Transfer or Direct payment into the bank accounts of applicants.