Coronavirus: Affected businesses to access GH¢2bn from banks at affordable rates

Government has established a Guarantee Scheme of up to GH¢2 billion to enable businesses to borrow from banks at more affordable rates and a longer tenor. This was announced by the Minister for Finance, Ken Ofori-Atta during the mid-year budget review and supplementary estimates on Thursday, July 23, 2020.

Speaking on the floor of Parliament, the Minister noted that the establishment of the GH¢2 billion Guarantee Scheme is to help businesses to access loans from banks at affordable rates in order to retain jobs and to save businesses who have been impacted negatively by the coronavirus pandemic.

“It takes a caring government to establish a Guarantee Scheme of up to GH¢2 billion to enable businesses to borrow from banks at more affordable rates and a longer tenor to save their business and retain jobs,” he said.

Additionally, Mr. Ofori-Atta disclosed that government has taken steps to further cushion businesses amidst the coronavirus pandemic by increasing the Coronavirus Alleviation Programme Business Support Scheme (CAPBuSS) by GH?100 billion. According to him, the increment of the CAPBuSS for businesses will make funds available to businesses and help them operates smoothly despite the adverse effects of the pandemic.

“It takes a caring government to hear the distress of business and respond with support to small and medium businesses to the tune of GH?600 million in order to help them survive and thrive in these uncertain times. The CAPBuSS will be increased by GH?150million to help many more MSMEs, including GH?50million for the creative arts industry and the media” he added.