Government reduces interest rate on stimulus package from 5% to 3%

Must Read

Your credibility will continue to suffer so long as NPP serves as your mouthpiece – Prof Gyampo to EC

A Political Science Lecturer with the University of Ghana, Professor Ransford Gyampo has charged the Electoral Commission (EC) to...

NDC has failed to learn lessons from ’embarrassing’ 2016 defeat – A Plus rallies Ghanaians to reject them again in 2020

Musician-turned-politician, Kwame Asare Obeng popularly known as Kwame A Plus has advised Ghanaians not to vote for the opposition...

New voters’ register: Kweku Baako lambasts House of Chiefs for “creating distortions”

The Editor-in-Chief of the New Crusading Guide newspaper, Abdul Malik Kweku Baako has taken a swipe at the National...

A 3 percent interest rate has been imposed on stimulus package designed for businesses that have been hit by the COVID-19 pandemic.

Government initially intimated that the interest on the soft loans was going to be 5% but after a series of engagements and assessments of the situation, the directive was given by President Akufo-Addo for the interest to be reduced by 2%.

The loans under the COVID-19 stimulus package is being implemented by the National Board for Scale Industries (NBSSI) is part of government’s intervention to help revive the economy following the collapse of hundreds of businesses and the loss of employment as a result of businesses crippling.

Disclosing this at a press briefing in Accra, Thursday, head of the National Board for Scale Industries (NBSSI), Kosi Yankey-Ayeh government conducted extensive study on the sector before arriving at the decision.

She told the press, “The interest rate after deliberations with the President, Ministry of Finance and Ministry of Trade and Industry, after conducting a survey of about 1, 700 MSMEs in Ghana, initially we had suggested 5% but the President in consultation with the team decided to review the interest rates due to the plight of the Ghanaian MSMEs at the time such as this.”

According to Financial Analyst, Charles Mensa the reduction will be welcoming news to businesses since they will have to pay relatively lower interest than initially planned thus reducing the burden on them.

The NBSSI revealed that so far about 5000 businesses have applied for the stimulus package through the website, set up for this purpose.

Government has allocated some GHC600 million it hopes will contribute to the revival of the economy and get businesses back to their feet.

The stimulus package is open to all small and medium scale enterprises in all sectors.

SourceABC News

Submit your stories or articles to newsroom@abcnewsgh.com or Whatsapp them to +233 553620623

- Advertisement -

Comments

Latest News

Mahama doesn’t need a young running mate, Kwesi Botchwey, Duffuor solid choices – Ras Mubarak

Member of Parliament for Kumbungu, Ras Mubarak has advised former President John Dramani Mahama not to name a young...

Provide legal basis for rejection of current Voter ID cards – Supreme Court issues Monday ultimatum to EC

The Supreme Court of Ghana has directed the Electoral Commission to provide a legal basis for the rejection of the current voter identification cards...

Respect constitutional mandate of Electoral Commission – Rawlings to NDC, others

The founder of the opposition NDC and former President, Jerry John Rawlings has admonished political parties in the country including the NDC to respect...

EC Cartoon: Mahama subtly endorses Sammy Gyamfi; gives grammar lessons to critics

Just as the controversy on the cartoon posted by Sammy Gyamfi, the Communications Officer of the opposition National Democratic Congress (NDC) was fading, former...

Kpone, Asokore landfills to be turned into recreational centres – Sanitation Minister

Two landfills—one in the Kpone Katamanso Municipality, Greater Accra Region, and the other in the Asokore Mampong Municipality, Ashanti Region, will soon be turned...

More Articles Like This

%d bloggers like this: