Over 170,000 businesses apply for GHS1bn stimulus package for SMEs – NBSSI

More than one hundred and ten thousand businesses have successfully completed their application for the government’s GHS1billion Coronavirus Alleviation Programme Business Support Scheme.

This is a huge jump from the 14,000 businesses that registered in the first week.

A statement from the National Board for Small Scale Industries, NBSSI, said this represents 65% of the 170,000 registrations it has recorded on its online portal so far.

“In coordination with relevant Participating Financial Institutions, the necessary due diligence is underway to ensure our hardworking Ghanaian Micro, Small and Medium Enterprises (MSMEs) who are the backbone of the economy receive requisite assistance in these hard times,” the NBSSI Executive Director, Kosi Yankey-Ayeh noted.

The government has set aside a one billion cedis stimulus package to assist Micro, Small and Medium Enterprises that have been adversely impacted by the coronavirus pandemic.

A breakdown of the applications shows that Ashanti Region recorded the highest number with 28.6% of total applications.

This was followed by the Central Region with 13%. The Greater Accra has 12% applications while Eastern Region has 11.5%.

Meanwhile, selected staff of NBSSI and members of the CAP BUSS Steering Committee are conducting a nationwide outreach and monitoring visits to selected trade and business associations and market centres across the country.

Akufo-Addo announces GHS1bn stimulus package for businesses

As part of measures to mitigate the economic impact of the pandemic in Ghana to sustain businesses, President Akufo-Addo in March announced that all households and small to medium scale enterprises are to benefit from a stimulus package of one billion Ghana cedis.

The initial amount for the the SMEs was pegged at GHS600 million, but has been increased to GHS1 billion following a commitment by some participating financial institutions.