Akufo-Addo launches GHS600m COVID-19 Alleviation programme today

Akufo-Addo launches GHS600m COVID-19 Alleviation programme today

President Akufo-Addo will today launch the GHS600m COVID-19 Alleviation Programme to help revive micro, small and medium enterprises (MSMEs).

The stimulus package is meant to cushion businesses from the negative impact of the coronavirus (COVID-19) pandemic.

Disbursement of the fund is expected to start from May 25, after applicants met the requirements and eligibility criteria by the National Board for Small Scale Enterprises (NBSSI), the agency with oversight responsibility over the MSME.

The fund, categorised in Anidaso and Adom (special) loans, is to provide between GHȼ1,000 and GHȼ150,000 with 5% interest rate to businesses under the MSME space.

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Businesses operating in nine selected sectors of the economy are the ones to benefit from the GH¢600 million stimulus package.

The beneficiary sectors are healthcare and pharmaceutical, manufacturing, agri and agri-business, water and sanitation, tourism and hospitality, education, textiles and garments, commerce or trade, and service.

The NBSSI earlier said it is conducting a stress test on the efficacy of its application portal before it launches it for the GHS600 million stimulus package for Micro, Small & Medium Enterprises.

It will, however, accept manual application in the districts so that it does not exclude SMEs in the districts from accessing the facility.

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The soft loan scheme will have a one-year moratorium and two-year repayment period.