SMEs to receive stimulus through MoMo, bank accounts – NBSSI

Executive Director of the National Board for Small Scale Industries (NBSSI), Ms Kosi Antwiwaa Yankey, has announced that businesses will receive their portion of the GH¢600million stimulus package through their Mobile Money or bank accounts.

Speaking at the launch of the coronavirus alleviation programme business support scheme, at the seat of government, the Jubilee House in Accra on Tuesday May 19., she said: “The telcos will assess the application and issue a recommendation. Once the recommendation is made funds will be disbursed directly to successful applicants. Disbursements will be made by mobile money transaction or directly into their bank accounts.”

Meanwhile, the Minister of Finance, Ken Ofori-Atta, has said the GH¢600million stimulus package is a good start to assist Small and Medium Scale Enterprises (SMES) in Ghana following the COVID-19 pandemic.

As part of efforts to ameliorate the hardship on Ghanaian businesses the government of Ghana has earmarked GH¢600million to assist businesses.

However, analysts and groups including the Trades Union Congress (TUC) and the Ghana National Union of Traders Association (GUTA) have said the amount is not enough to support the businesses.

But Mr Ofori Atta indicated that the Akufo-Addo administration is committed to ensuring that SMEs remain vibrant in order to create jobs for Ghanaians during the period of the coronavirus pandemic.

He said, this commitment is seen in the earmarked GH¢600million for SMEs to ensure they remain in business in spite of the impact of the COVID-19.

speaking at the launch of the coronavirus alleviation programme business support scheme, at the seat of government, the Jubilee House in Accra on Tuesday May 19.

He said the “government is committed to ensuring that SMEs remain vibrant and continue to create jobs for the people of Ghana during this period.”

He added GH¢600million can go a long way in creating the Ghanaian enterprise.

Robert Ahomka Lindsey, a Deputy Minister of Trade and Industry said the coronavirus alleviation programme is a key intervention to address the challenges facing Ghanaian businesses following the COVID-19 pandemic.

The programme will focus on the Pharmaceutical, manufacturing, tourism, water and sanitation, education including private, sectors.

“The programme will be rolled out nationwide,” he said.