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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

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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

  • TECHNOLOGY

    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

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Take control of financing on the continent – Ofori-Atta to AfDB

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Applications for GHS1bn loan will be scrutinized, it’s not automatic – NBSSI

byNerteley Nettey
May 26, 2020
in Local Economy, Top Stories
Ashanti Regional Manager of NBSSI, Manu Bashir

Ashanti Regional Manager of NBSSI, Manu Bashir

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The National Board for Small Scale Industries (NBSSI), has explained that it is not automatic for businesses to receive the amounts they apply for from government’s GHS 1billion stimulus package allocated to Micro, Small and Medium Scale Enterprises (SME) affected by the novel Coronavirus pandemic.

The agency says every request will be subjected to strict proof to determine whether the applicant qualifies, and how much they can receive.

The NBSSI says over fourteen thousand business owners have already applied for the package, and that majority of the applicants are within the agribusiness and education sectors.

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Speaking to Citi Business News, Ashanti Regional Manager of NBSSI, Manu Bashir, said they will ensure that due processes are followed

“This money is in there and everybody is more or less struggling to have a piece of it so naturally it is like first come first served. We are also into business development and for that matter, we know that business people do not at all times make the right request for the amount they really need. When you submit your particulars, we are experts in the field so when we do our analysis and we see that for instance, you requested for ten thousand Ghana Cedis but when we look at your sales turnover and other things, we can reduce the amount.”

“So, don’t be expecting to get the amount you requested for because it may happen during the checks that after all you do not really qualify for the amount you have applied for because your other particulars may not support that,” he said.

The GHC1 billion stimulus package is intended to cushion Micro, Small and Medium Scale Enterprises affected by the outbreak of COVID-19.

The soft loan scheme will have a one-year moratorium and two years repayment period for micro, small and medium scale businesses.

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