Government to set up GH¢2 billion Guarantee Scheme for businesses - Minister

Government is in consultation with some financial institutions to establish a Guarantee Scheme of up to GH¢2 billion to enable businesses to borrow from banks at a more affordable rate and a longer course.

This was mentioned by the Minister for Foreign Affairs and Regional Integration Shirley Ayorkor Botchwey when newly elected Executives of the Ghana Chamber of Commerce called on her.

The Minister stated that the establishment of the GH¢2 billion Guarantee Scheme is to help businesses to access loans from banks at affordable rates to retain jobs and to save businesses negatively affected by the coronavirus pandemic.

She touched on the impact of COVID-19 on Ghanaian businesses, noting that the Alleviation and Revitalisation of Enterprises Support (CARES) Programme have been put in place to mitigate the effects.

“The CARES Programme has a two-step phase, namely, a stabilisation phase and a revitalisation phase. State that under the stabilization phase, the Government is extending the duration or coverage of some of the programmes already put in place to provide relief and support to Ghanaians like ensuring food security, protecting businesses and workers, strengthening the health system as well as easing the burden on businesses through the issuance of a monetary policy standard and regulatory regime”, she revealed.

Madam Ayokor Botchwey further disclosed that “the Government has decided to extend the provision of free water supply for another three months as well as increase funding to the CAP-BuSS Programme being run by the National Board for Small Scale Industries, to expand support to the millions of Ghanaians in the micro, small, and medium-sized enterprises (MSMEs) sector”.