More than 150k small, medium businesses have received govt’s stimulus package – NBSSI

National Board for Small Scale Industries, NBSSI says  more than 150 thousand applicants have so far received funds to support their businesses. The funds were disbursed as part of the Coronavirus Alleviation Programme (CAP) Business Support Scheme.

According to the Executive Director of NBSSI Ms Kosi Antwiwaa Yankey, every sector of the economy that has been affected by the coronavirus has received the funds.

“The…was looking at the micro-segment those who applied up to 2,000 and from 2,000 upwards was the anidasuo segment. Disbursement has started for both of them and we have over 150 thousand applicants who have benefited from the loan as we speak today and in all sectors, regions and every district in Ghana there is a beneficiary in one of those places.”

Finance Minister,  Ken Ofori-Atta revealed in July the that more than 64,000 small businesses have received financial support to help alleviate the economic impact of the COVID-19 pandemic.

Mr. Ofori-Atta said GH¢57.1m has been given out as microloans as part of the Coronavirus Alleviation Programme (CAP) Business Support Scheme run by the National Board for Small Scale Industries (NBSSI).

The Minister stated that the average amount disbursed was GH¢889.80.

The amount disbursed so far is less than 10 percent of the GH¢600m scheme designed to support micro, small and medium enterprises (MSMEs) under government’s GH¢1.2b Coronavirus Alleviation Programme.

The scheme had received more than 700,000 applications as at June 26. The applicants submitted requests for assistance totalling GH¢7.6bn, with microbusinesses accounting for GH¢5.2bn of the amount.

Under the scheme, government, through the National Board for Small Scale Industries (NBSSI), and in collaboration with business and trade associations and selected commercial and rural banks, is rolling out a soft loan scheme with a one-year moratorium and two-year repayment period for MSMEs.

The scheme established the Adom Micro Soft Loans for micro-enterprises that are being disbursed through Vodafone mobile money. The Anidasuo Soft Loans, targeted at small and medium enterprises, will be disbursed through participating financial institutions.

According to the Minister, through the scheme, tax identification number (TIN) registration in Ghana increased from approximately 110,000 a month to 815,449 from May 19 to June 30, thereby supporting government’s agenda to formalise the informal sector.

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