COVID-19: Things Africa governments are doing to cushion SMEs

Ghana

The government of Ghana in its bid to mitigate the struggles of SMEs amid the COVID-19 pandemic rolled out a GH¢600 million ($104,225,580.00 ) soft loan.

The loan scheme was expected to have a one-year moratorium and two-year repayment period, President Akufo-Addo said during one of his address to the nation.

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He said the government in collaboration with the National Board for Small Scale Industries (NBSSI), Business & Trade Associations and selected Commercial and Rural Banks, “will roll out a soft loan scheme up to a total of six hundred million cedis (GH¢600 million), which will have a one-year moratorium and two-year repayment period for micro, small and medium scale businesses.”

Also, there was a 1.5% decrease in the Policy Pate and 2% in reserve requirement with a three billion-cedi ($521,127,900.00) facility to support industry, especially in the pharmaceutical, hospitality, service and manufacturing sectors.