The Chief Executive Officer of the Association of Ghana Industries (AGI), Mr Seth Twum-Akwaboah, has lauded government for launching the GH¢1 billion Coronavirus Alleviation Programme Business Support Scheme.
President Akufo-Addo on April 19, announced the allocation GH¢1 billion Coronavirus Alleviation Programme Business Support Scheme to small and medium scale enterprises (SMEs) this month as part of efforts to deal with the effects of the Covid-19 on the business community.
Out of the 1.2 billion cedis earmarked for this Programme, GH¢600 million will be disbursed as soft loans to MSMEs, with up to a one-year moratorium and a two-year repayment period.
Additionally, selected participating banks will provide negotiated counterpart funding to the tune of GH¢400 million, making, in all, GH¢1 billion for disbursement under this Business Support Scheme, with the entire scheme set to attract some 180,000 beneficiaries across the country.
Since the announcement of the support scheme, some entrepreneurs and businesses have been waiting for the roll-out of a criteria to access the funds with some already skeptical as to the feasibility of the initiative.
Others have also urged government to ensure transparency in the disbursement of stimulus package allocated for businesses.
Speaking in an interview with host of Atinka FM’s AM Drive, Chief Executive Officer of the Association of Ghana Industries (AGI), Mr Seth Twum-Akwaboah, noted that although the money is not enough, it will go a long way to augment near-collapse businesses.
According to him, government itself is going through crisis since its revenue collection has also reduced.
“In this era, no amount of money will be enough, but we must say that government itself has really done well and needs to be commended looking at the fact that government in itself has projects to complete. The revenue of government itself has reduced drastically and so we really appreciate this kind gesture by government”, he added.
Ghana | Atinkaonline.com | Vivian Adu Boatemaa