The government says it has reduced the interest rate on the stimulus package meant to support Small and Medium Scale Enterprises (SMEs) from the initial 5 per cent to 3 per cent.
Speaking at a press briefing, Executive Director for the National Board for Small Scale Industries (NBSSI), Kosi Yankey Ayeh, the decision to reduce the interest rate was reached taking into consideration the plight SMEs find themselves in this pandemic period.
“The interest rate after deliberations with the President and the Ministry of Finance and Ministry of Trade and Industry…after conducting a survey with about 1,700 SMEs in Ghana…initially we had suggested 5% but the President in consultation with his team decided to review that interest rate due to the plight of Ghanaian SMEs at a time such as this to 3%” she said
She, however, says that the moratorium still remains up to 1 year and SMEs will have the option of choosing which moratorium suits them in their application process in this pandemic period.
Kosi Yankey Ayeh also disclosed that over 5,000 SMEs have so far registered on the online application platform and are awaiting the next stage.
“We are happy to say that we have received over a 1,000 calls as of yesterday. People asking how they can access the platform and how best they can be supported and to address some challenges they might face. The good news is that to date, we have about 5,000 plus applicants on the platform who have registered and are awaiting to go on to the next stage,” she disclosed.
She added that SMEs finding it difficult in accessing the online application platform should reach out to the NBSSI.
Meanwhile the Conference of Heads of Private Schools (CHOPS) is asking government to be bias in the disbursement of the stimulus package.
Public Relations Officer (PRO) for the group, Naphtali Kyei Baffour argues that other SMEs have resume work following the easing of restrictions.
He says Private Schools are most affected as schools continue to remain closed following the directive from President Akufo – Addo that all educational institutions: both public and private, be closed from 16th March, 2020 until further notice as part of efforts to curb the spread of Covid – 19.
Story by: Daniel Sackitey│universnewsroom.com