Business News Wed, 19 Jul 2017

80 Companies approved to receive stimulus packages

Eighty distressed companies have been approved by government to benefit from stimulus packages aimed at reviving and positioning them on sustainable growth path.

President Nana Akufo-Addo, who disclosed this at an encounter with the media at Flagstaff House to mark six months in office, said as at the end of June 2017, 285 companies had, so far, applied for stimulus package.

However, he said, after screening 118 applications, 80 were approved and adjudged eligible for various stimulus packages by a committee working on the initiative.

The President stated that government voted $50 million for stimulus package while financial institutions have also pledged additional $20 million.

In addition to government's contribution, President Akufo-Addo said an amount of $20 million has been earmarked by local financial institutions as part of the stimulus package.

This, he noted, would help in the revival of our industrial sector under the dynamic leadership of the Minister for Trade and Industry, Alan Kyerematen.

President Akufo-Addo said $100 million has been allocated as government contribution either as equity or in kind support for the establishment of the district enterprises, One District, One Factory.

He revealed that an additional amount of $340 million has been leveraged from local financial institutions for the programme.

According to him, government, in collaboration with the Association of Ghana Industries, has also arranged a Suppliers Credit Facility for $2 billion from China to provide equipment, machinery and other facilities in support of the programme.

It is now clear that this programme is destined to succeed, he added.

Source: thefinderonline.com
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