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Akufo-Addo’s GHS600m stimulus package promise for SMEs ready -NBSSI reveals

Akufo-Addo’s GHS600m stimulus package promise for SMEs ready -NBSSI reveals

Micro, Small & Medium Enterprises (MSMEs) in the next couple of weeks should be able to access the GHS600 million stimulus package promised by President Nana Addo Dankwa Akufo-Addo

According to the National Board for Small Scale Industry (NBSSI), a stress test is being conducted on the application to see the veracity of the portal before disbursement begins.

Speaking at the COVID-19 press briefing, Executive Director, Kosi Yankey Ayeh said “Currently we are stress testing the portal to ensure that the day when its launch when there is a rush or when there is a lot of people, it does not disappoint any of us”.

“We believe that in the few weeks, once the stress test is done, we will continue to engage with the various stakeholders so that they can start educating the populace, and we will start the communication as well so that more people can apply for it; to avoid future challenges where people are not able to hear much we have offered that the President has announced as part of the GHS600 million stimulus”, she emphasized.

She, however, added that manual application will be accepted in the districts so that MSMEs in the districts are not excluded from accessing the facility.

Kosi Yankey-Ayeh allayed fears of discrimination regarding who is eligible to access the soft loan scheme and who get the funding.

He mentioned the type of businesses that will be considered saying “also looking at the statistics of the micro, small and medium enterprises, there’re three categories we’re looking at; The micro which makes up about 90% of the population in terms of the sector for the small we have about 15% and the medium enterprises we have about 1% of the sector”.

The soft loan scheme will have a one-year moratorium and two-year repayment period.