On Tuesday, May 19, His Excellency Nana Akufo Addo officially launched the coronavirus alleviation programme business support system worth 1billion Ghana Cedis.

The government has selected participating banks to support micro, small and medium-scale business sectors in this pandemic era for effective business processes to improve the country’s economy.

During the launch of the business support scheme at the jubilee house, President Akufo-Addo explained that the world is currently going though economic distress due to the fight against coronavirus pandemic. Which has resulted in the country’s low productivity is low.

People are losing their jobs, families are struggling to generate income as well as government due to the dishearten impact of this pandemic.

 

Hence, there is the need for the government to be much concerned about these MSMEs since, they contribute significantly towards the country’s economic development, the president said.

Ghana government is doing everything in hi power to support Ghanaians especially small businesses.

The money allocated to the scheme will be controlled by the National Board of Small Scale Industries (NBSSI) and supervised by a loans committee of representative from the selected banks, the NBSSI and the finance ministry to ensure transparent operation of the business support system.

The scheme which is set to benefit the MSMEs in both formal and informal sectors will also attract a total of 180,000 people affected by the economic recession caused by the covid-19 pandemic in order to develop their businesses.

Applicants can also call the CAP business support centre number on 0302 477 777 or seek assistance from the nearest NBSSI Business Advisory Centre.

The president concluded that he believes with this initiative, he has no doubt that Ghana will bounce back stronger and urged all beneficiaries to make proper use of their funds.