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    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    BoG, CSA deepen collaboration to fight cyber threats

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    Intravenous Infusions PLC records 10% growth in profit in 2021

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

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    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

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COVID-19: TUC, Employers Association call for stimulus support for big businesses

April 29, 2020
in Business, Local Economy, Top Stories
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The Trades Union Congress (TUC) and the Ghana Employers Association, have called on government to extend its stimulus support to cover big businesses amid the COVID-19 pandemic.

Currently, the government has set aside a GHS600 million soft loan scheme with a two-year repayment plan for small and medium scale businesses.

But speaking at a COVID-19 communiqué signing ceremony by the National Tripartite Committee, the General Secretary of TUC, Dr. Yaw Baah, said bigger businesses also deserve support from the state given their tax contributions over the years.

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“We want to associate ourselves with the Ghana Employers Association to recommend that we still need stimulus packages for big businesses. These businesses have been paying taxes for all these years.”

“Today they are in trouble and we expect the government to come in strongly and support them,” Dr. Baah said, adding that the soft loan scheme will not be “enough to actually bring the economy back to where we were when this COVID-19 started.”

He also noted that this support should be based on importance to the value chain.

Dr. Baah said government “should identify and select a number of local enterprises to be supporting so that those disruptions can be minimized.”

The government has indicated that the cumulative effect of the COVID-19 pandemic will cost Ghana GHS9.505 billion.

There was a three-week partial lockdown of Accra, Kasoa, Kumasi and Tema leading to a severe economic downturn as has been seen globally.

To address some of the expected challenges, the government announced a GHS1 billion Coronavirus Alleviation Programme that will be funded from the Ghana Stabilisation Fund.

The International Monetary Fund (IMF) also approved the disbursement of US$1 billion interest-free loan to Ghana to be drawn under the Rapid Credit Facility (RCF).

The money is to help Ghana address the “fiscal and balance of payments needs”, and also help the country to improve confidence in its economy especially in the wake of the COVID-19 pandemic.

Source: Anass Seidu | citinewsroom.com | Ghana
Tags: Ghana Employers' AssociationStimulus packageTrades Union Congress
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