Coronavirus: Interest rate on GH¢600m stimulus package reduced to 3%

The interest rate on the government's 600m stimulus package for Micro, Small and Medium Enterprises (SMEs) has been reviewed from 5 to 3 percent.

This information was revealed on Thursday, May 21, 2020 when the National Board for Small Scale Industries (NBSSI) was giving updates on COVID-19 alleviation program at the Ministry of Information press briefing.

Addressing the press, the Chief Executive Officer of NBSSI Kosi Yankey Ayeh said after stakeholder deliberations, the 5 percent interest rate was reduced to 3.

“After deliberations with the president, finance ministry and the industry. After conducting a survey of about 1700 MSMEs in Ghana, initially we had suggested 5 percent but the president in consultation with the team decided to review that interest rate due to the plight of the Ghanaian MSMEs at a time such as this, to 3 percent.”

She however noted that the one-year moratorium remains unchanged and “businesses have the option to ensure that they choose a moratorium that works best for them.”

The NBSSI boss also indicated that businesses with over 99 staff are not eligible for the GH¢600m stimulus package.

President Nana Addo Dankwa Akufo-Addo on Wednesday, May 20, 2020, launched a GH¢600 million Coronavirus Alleviation Programme (CAP) business support scheme intended to support small and medium-scale enterprises (SMEs) impacted by the novel coronavirus.

The fund is intended to provide relief to SMEs across the country that has been negatively affected by the disease.

The SME sector, according to the University of Ghana study in 2015, contributes about 70 per cent to Ghana's Gross Domestic Product (GDP), and accounts for about 92 per cent of businesses in the country.

Several platforms including nbssi.gov.gh/capsupport; mobile number platform (USSD) *718*555#; Call Centre Helpline: 030 274 7777, email address capsupport@nbssi.gov.gh have been made available to ensure access.