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20.05.2020 Headlines

Gov't Investing A Lot To Help Economy Bounce Back Stronger — Akufo-Addo

Gov't Investing A Lot To Help Economy Bounce Back Stronger — Akufo-Addo
LISTEN MAY 20, 2020

President Akufo-Addo says the government is investing a lot of money to ensure that Ghana's economy bounces back stronger.

The economy has been badly hit by COVID-19 and one of the measures the government has put in place is to provide a Coronavirus Alleviation Programme (CAP) Business Support Scheme.

The scheme was launched on May 19, 2020, at the Banquet Hall of the Jubilee House.

He said he is determined to do everything in his power to protect jobs at all levels of the Ghanaian economy.

“I am passionate about the scheme working, the government is investing a lot in it and I am confident that the proper application of these funds will help our nation bounce back stronger and better than before”.

“The business support programme is an integral part of the resilience and recovery plan which is being instituted by the government to ensure the renewal of economic activity and sustenance of livelihoods. We are determined to protect as many jobs as possible and to help as many businesses as possible get back on their feet,” President Akufo-Addo added.

He also took the opportunity to urge all beneficiaries to make good use of the loans in other to help grow their businesses. “I urge all beneficiaries to use the funds received for the intended purpose so that together, we can work to grow our economy once again.”

The loans come in two forms, Adom microloans for smaller enterprises and the Anidasuo soft loans for larger enterprises.

In a televised address to the country on March 27, this year, President Akufo-Addo announced a GH¢1.2 billion Coronavirus Alleviation Programme (CAP) as part of enhanced measures to mitigate the impact of COVID-19 on households, contain disruption to economic activities and to rescue and revitalise industries.

He also announced additional reliefs such as extension of tax filing date from April to June; two per cent reduction of interest rates by banks effective April 1, 2020, and grant of six months moratorium on principal repayment by banks to entities in the airline and hospitality industries.

The CAP, which was subsequently approved by Parliament on April 9, dedicated GH¢600 million as soft loans for businesses, especially those in the small and medium enterprises (SMEs) sector.

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