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    Financial sector withstood 2022 shocks; positive signs ahead – BoG

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    Ghana’s total exports decline by 9%

    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Excise tax amendment shows positive signs; rakes in GHS 140m 

    Ghana records over $200m trade surplus in two months

    Public debt hits GHS 575.5 billion; now 71.9% of GDP

    GEPA poised to achieve over $4bn target for non-traditional exports

    GRA fights off claims of harassing traders; calls for cooperation

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    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Influx of Chinese tanker trucks will kill local businesses – Kwame Jantuah

    GRA fights off claims of harassing traders; calls for cooperation

    Hanno Barkhoff joins Kempinski Hotel Gold Coast City Accra as General Manager

    WTO Director-General calls for ratification of Fisheries Subsidies Agreement

    B5 Plus is an iconic testament of success of 1D1F initiative – K.T. Hammond

    BoG advised me to streamline Menzgold operations – NAM 1

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    Genius IT Foundation achieves STEM.org accreditation

    Pharmaceutical Society charged to utilize AI to transform industry

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    Digital marketing: Event managers urged to explore growth opportunities

    Govt. urged to commit more investments to enhance AI competencies

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    Ofori-Atta commends G20 for AU’s inclusion, urges common voice

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    African Union to launch regional credit rating agency in 2024

    New study reveals alarming food access disparity affecting 650 million Africans

    Global food price index declines in August

    ECO currency challenges: Technical committee attributes delays to external shocks, others

    African leaders emphasize in-continent processing of mineral wealth at climate summit

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NBSSI, MasterCard Foundation to disburse GHS90m to MSMEs

byAnita Arthur Kissi-Mireku
August 9, 2020
in Local Economy, Top Stories
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Businesses seeking to access support from the NBSSI MasterCard Foundation Recovery and Resilience Program for Micro, Small and Medium Enterprises, will be able to secure the funds after its launch on Wednesday, 12th August, 2020.

MasterCard Foundation, in partnership with the National Board for Small Scale Industries, an agency under Ghana’s Ministry of Trade and Industry, announced the creation of an Emergency Program to support MSMEs and start-ups in Ghana, affected by the COVID-19 pandemic with an initial amount of GHS90 million.

A statement issued on the NBSSI MasterCard Foundation Recovery and Resilience Program, said it would focus on supporting MSMEs that need support to survive the COVID-19 pandemic; and businesses in growth sectors where the employment of young people, especially young women, will be negatively impacted as a result of business operation disruptions, supply chain challenges, liquidity shortages, declining sales and profits, and business closures.

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Other beneficiaries would include businesses providing services that will be in demand during the pandemic, and that have the potential to grow and positively impact communities affected by COVID-19; and businesses that will focus on digitization to support MSMEs.

The programme will provide financial assistance, in the form of grants and soft loans, through participating institutions including banks, microfinance, mobile lenders, non-governmental organizations and Business Development Services, to eligible, qualified micro, small, and medium-sized enterprises, both in the formal and informal sectors.

It indicated that the amount and type of financial support provided to a beneficiary would vary depending on the size of enterprise, their need and repayment capacity.

In an interview with Citi Business News, Executive Director of the NBSSI, Kosi Yankey Ayeh, explained that the funds will be made available after the launch on Wednesday 12th August, 2020.

“…So other people have come on to support and complement government’s  efforts. One of them is the MasterCard foundation that we have a partnership with, and during this challenge, we spoke to them and shared with them how we were going to support businesses and SMEs, and they brought a top up of about ninety million Ghana cedis to complement government’s efforts; this time for resilience and recovery.

“And so we will start working on that so that those who might not even have benefited from government will also have access and it will help build the businesses and help them, the soft launch is this coming Wednesday, 12th August, 2020″.

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