Coronavirus support: Commercial banks give over GH¢14 billion new loans to businesses

Since the outbreak of the COVID-19 pandemic, commercial banks in the country have disbursed over GH¢14 billion to Ghanaian businesses to support them survive the period.

The disclosure was made by John Awuah, Chief Executive of Ghana Association of Bankers, GAB. GhanaWeb monitored his comments on Joy News’ PM EXPRESS program which aired on Thursday, February 18, 2021.

Mr Awuah revealed that over GH¢4.3 billion in loans were put in place to support businesses that were badly affected by the pandemic.

“Remember that we are in a society where, when people secure support from commercial banks they are often quiet about it, so you will not hear about the good work that most banks are doing,” he said.

Mr Awuah stated that the support initiative put up by the banks showed that “banks in the country were indeed committed to supporting businesses in these challenging times and even beyond. Some of these funds were directed to the manufacturing sector, pharmaceutical, commerce and areas that can be described as productive sectors.”