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    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

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    BoG Governor confident inflation has peaked; expects rate to start declining

    ActionAid Ghana Appoints John Nkaw as Country Director

    BoG’s inflation targeting framework can’t reduce rise in inflation – IEA

    Monetary Policy Rate must be increased to 19% to check inflation – IEA

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    Seth Terkper urges Gov’t to present its policy alternative to an IMF program

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    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

    Fuel prices to rise marginally in second pricing window of May – IES

    Gov’t to put measures in place to reduce ‘imported inflation’ – Ofori-Atta

  • TECHNOLOGY

    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Implement strategies to sustain increased consumer preference for digital payments – Bawumia

    Strict enforcement of AfCFTA regulatory framework will ensure smooth implementation of PAPSS – Bawumia 

    President of Cote d’Ivoire Alassane Ouattara meets Eni’s CEO Claudio Descalzi

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COVID-19: Akufo-Addo announces GHS600m soft loan scheme for SMEs

byNerteley Nettey
April 5, 2020
in Business, Local Economy, Top Stories
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Government is set to roll out a soft loan scheme of up to six hundred million Ghana cedis for small to medium scale enterprises following the economic impact of the novel coronavirus, President Nana Akufo-Addo has announced.

Addressing Ghanaians in a nationwide broadcast on Sunday [April 5, 2020] on further measures to mitigate the spread of the virus in the country, President Akufo-Addo said the scheme will sustain the country’s affected industries and address the distraction in economic activities caused by the pandemic.

“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,” he said.

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With the impact of the coronavirus since it’s outbreak in December, 2019, in Wuhan China, having a serious impact on the global economy, policymakers across the world are looking for ways to respond by putting in place measures which come with difficult economic trade-offs.

Nana Addo announces GHS1bn stimulus for businesses

With the cumulative impact of the COVID-19 pandemic expected to cost Ghana GHS9.505 billion, President Akufo-Addo already announced that all households and small to medium scale enterprises are to benefit from a stimulus package of one billion Ghana cedis.

He also announced the establishment of a COVID-19 Trust Fund which he says has so far received GHS8,750,000 in donations.

The Finance Minister, Ken Ofori-Atta, also petitioned Parliament for an amendment of the Petroleum Revenue Management Act (PRMA) to allow government utilize portions of the Ghana Heritage Fund to deal with the Coronavirus pandemic.

The Bank of Ghana also directed all financial institutions operating in the country to take adequate steps to help curtail the spread of the coronavirus COVID-19, after it reduced the Monetary Policy Rate from 16 to 14.5%, which is expected to cause a reduction in banks’ interest rates.

Externally, the International Monetary Fund has indicated that it is working hard to evaluate a request by Ghana seeking financial assistance to help the country address the economic impact of the COVID-19 pandemic.

The World Bank is also providing $100 million to Ghana to assist the country in tackling the COVID-19 pandemic. This $100 million will be made available to the government and the people of Ghana as short, medium and long-term support.

Current Situation in the country

Currently, Accra, Tema and Kumasi are under a two-week partial lockdown which started on Monday, March 30, but the President says the government will determine whether or not to extend the lockdown later this week.

So far, Ghana has recorded 214 COVID-19 cases with 5 deaths and 3 recoveries. Six regions have so far recorded cases of the virus.

The Greater Accra Region has most of the cases with 189 followed by the Northern Region with 10, the Ashanti Region with 12, the Upper West Region with one, Upper East Region with one and the Eastern Region one.

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