Handle GHS600m stimulus with professionalism – Gov’t to banks

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Minister of Information, Mr Kojo Oppong Nkrumah, has asked the financial institutions that will be in charge of administering the GHS600million stimulus package for small and medium scale enterprises (SMEs) to exit professionalism in their work.

He charged the institutions to ensure that moneys are given to the right people for the right purposes in dealing with the effect of the COVID-19 and further ask the general public to observe closely how the funds are utilized.

Speaking on the maiden edition of the Ask the Information Ministry on the topic Assessing Governments Response to the COVID-19’ on GTV Tuesday May 19, Mr Oppong Nkrumah said : “On the other hand we are hand for the financial institutions that will be responsible for administering the money, work with the necessary professionalism.

“Don’t take the money and start lending to people for other kind of businesses and also not to the kind of persons that do not fall into this category.

“Our view is to ensure that it is distributed equitably that is why we are using financial institutions that are not looking at party colors or political affiliations.

“It will be disappointing if at the end of the day it become another political slash money. The president does not want it to be so that is why he wants it to go through structured and commercial institutions so that we can pay back.”

Meanwhile the Minister of Finance, Ken Ofori-Atta, has said the GHS600million stimulus package is a good start to assist Small and Medium Scale Enterprises (SMES) in Ghana following the COVID-19 pandemic.

As part of efforts of ameliorate the hardship on Ghanaian businesses the government of Ghana has earmarked GHS 600million to assist businesses.

However, analysts and groups including the Trades Union Congress (TUC) and the Ghana National Union of Traders Association (GUTA) have said the amount is not enough to support the businesses.

But Mr Ofori Atta indicated that the Akufo-Addo administration is committed to ensuring that SMEs remain vibrant in order to create jobs for Ghanaians during the period of the coronavirus pandemic.

He said, this commitment is seen in the earmarked GHS600million for SMEs to ensure they remain in business in spite of the impact of the COVID-19.

He was speaking at the launch of the coronavirus alleviation programme business support scheme, at the seat of government, the Jubilee House in Accra on Tuesday May 19.

He said the “government is committed to ensuring that SMEs remain vibrant and continue to create jobs for the people of Ghana during this period.”

He added GHS600million can go a long way in creating the Ghanaian enterprise.

Robert Ahomka Lindsey, a Deputy Minister of Trade and Industry said the coronavirus alleviation programme is a key intervention to address the challenges facing Ghanaian businesses following the covid-19 pandemic.

The programme will focus on the Pharmaceutical, manufacturing, tourism, water and sanitation, education including private, sectors.

“The programme will be rolled out nationwide,” he said.

 

Source: Laudbusiness.com/Ghana

 

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