President Nana Addo Dankwa Akufo-Addo has assured Medium, Small and Micro Enterprises (MSMEs) that he is determined to protect their means of livelihoods that have been negatively impacted by the outbreak of the novel Coronavirus.
According to him, he is determined to do everything in his power to protect jobs at all levels of the Ghanaian economy
Speaking at the “Presidential launch of the Coronavirus Alleviation Programme (CAP) Business Support Scheme” at the Banquet hall of the Jubilee House, President Akufo-Addo said the impact of the Covid-19 pandemic on jobs in Ghana cannot be overemphasized..
“I am passionate about the scheme working, the 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”, the President pointed out.
“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” President Akufo-Addo added.
He urged all persons who intend to access the two financial avenues, Adom micro loans 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.”
The soft loan scheme will have a one-year moratorium and two-year repayment period.
In his fifth televised address to the Nation, His Excellency President Akufo-Addo announced: “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.”
The President therefore launched the scheme today May 19, 2020 and applications for the loan opens from tomorrow Wednesday May 20, 2020.