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    Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

    We’ll be swift with Ghana’s economic recovery – Ofori-Atta

    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

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    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Ghana’s oil reserve recording steady growth – GNPC CEO

    Fuel pricing: COPEC predicts marginal drop in first window of June 2023

    ACEP pushes for research in Africa’s energy sector

    African leaders urged to employ energy policies that will transform Africa

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    Govt maintains COVID-19 levy despite calls for removal

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    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

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    Medical devices market projected to expand by $ 7.1 billion by close of year

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Expand COVID support scheme to cover more businesses – Chamber of Commerce to Gov’t

bycitibusinessnews
June 16, 2020
in Local Economy, Top Stories
Executive Director of NBSSI, Esi Kosi Yankey-Ayeh.

Executive Director of NBSSI, Esi Kosi Yankey-Ayeh.

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The Chairman of the Accra Branch of the Ghana National Chamber of Commerce and Industry, Nana Kwame Agyenim Boateng, has appealed to government to expand the scope of the Coronavirus Alleviation Programme Business Support Scheme to support more private enterprises.

So far, more than one hundred and ten thousand businesses have successfully completed their application for the GHS 1 billion Business Support Scheme through the National Board for Small Scale Industries, NBSSI.

The Scheme was launched in May 2020 with the intention to support small and medium-scale enterprises (SMEs) across the country impacted by the novel coronavirus (COVID-19).

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Speaking at the launch of a new web portal for the Accra Chamber, the Chairman, Nana Kwame Agyenim Boateng, said the government’s stimulus package in its current state, is insufficient.

“The Masloc Loan and credit Union and the Government of Ghana Loans are part of measures to improve access to credit. There is a rising cost in foreign exchange even though there is no trade on going.  The President of the Chamber has appealed to Government to expand the support to the private sector as the total amount is woefully inadequate to address the financial needs.”

Mr. Agyenim Boateng added that “despite assurances from Banks to reduce interest rate on loans, these promises are nothing to go by”.

“Banks on the other hand have confirmed that they will support viable businesses during these disruptions, but we ask ourselves at what cost because we’ve seen policy rates drop in this country but the actual bank rates do not go down accordingly” he lamented.

 

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