Ghc600M COVID-19 Stimulus Package Not Gov’t Freebies – NBSSI Warns SMEs

Owners of Small and Medium Enterprises (SMEs) who think Ghana government’s COVID-19 stimulus package for SMEs is freebies should have a change of mind before going ahead to access part of the 600 million Ghana Cedis fund.  

According to the Deputy Executive Director, National Board for Small Scale Industries (NBSSI), Madam Armo-Himbson, the Ghc600M Business Support Scheme dabbed “COVID-19 Stimulus Package” initiated by government to support SMEs in this difficult time is not handouts to any group of persons or individuals.

Madam Armo-Himbson made this known when she appeared on the AM Show, a current affairs programme on Joy News TV today. She said the Ghc600M COVID-19 Stimulus package initiative comes as a soft loan with lower interest which has a fix repayment period.

The NBSSI Deputy Executive Director assured the public that her outfit has put in place all the necessary measures to ensure that the COVID-19 Stimulus package goes to the right people and businesses which operations have been affected due the novel corona virus pandemic.

“The package is not freebies at all as most people see any government financial interventions as freebies. This is why the funds are being channel through the local banks for the banks to administer both the disbursement and collection of repayment of loans” Madam Armo-Himbson explained.

She noted further that the interest on the loans have been further scaled down from the initial five percent (5%) to three percent (3%) per annual.

The NBSSI Deputy Executive Director is however, cautioning potential applicants not to pay money to anybody in the form of a registration fees or whatsoever. “Even though one of the criteria for applicants to access the loans was to register to become members of NBSSI, we have waved the basic membership registration fees for June and July in order not to create the impressions that applicants have to pay money before they can access the facility.” She added.

Madam Armo-Himbson hinted that the loan repayment will be used to setup a business support scheme to help SMEs after the corona-virus pandemic.

 

Story: Franklin ASARE-DONKOH  

 

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