President Nana Addo Dankwa Akufo-Addo has assured Medium, Small and Micro Enterprises that he is determined to protect their means of livelihoods of the people of Ghana that has been negatively impacted by the outbreak of the novel Coronavirus, Covid-19.

Speaking at the “Presidential launch of the Coronavirus Alleviation Programme (CAP) Business Support Scheme” at the Banquet Hall of the Jubilee House, President Akufo-Addo said the impact of the Covid-19 pandemic on jobs in Ghana cannot be overemphasized.

However, he is determined to do everything in his power to protect jobs at all levels of the Ghanaian economy.

“I am passionate about the scheme working, the government is investing a lot in it and I am confident that the proper application of these funds will help our nation bounce back stronger and better than before” President Akufo-Addo noted.

“The business support programme is an integral part of the resilience and recovery plan which is being instituted by the government to ensure the renewal of economic activity and sustenance of livelihoods. We are determined to protect as many jobs as possible and to help as many businesses as possible get back on their feet” President Akufo-Addo added.

Prudent use of loans

President Akufo-Addo urged all persons who intend to access the two financial avenues, Adom microloans for smaller enterprises and the Anidasuo soft loans for larger enterprises, to use the resources for the sole purpose for which they are advanced to them.

“I urge all beneficiaries to use the funds received for the intended purpose so that together, we can work to grow our economy once again” President Akufo-Addo stated.

Executive director of NBSSI

Executive Director of the National Board for Small Scale Industries (NBSSI), the body tasked to manage and administer the Coronavirus Alleviation Programme (CAP) Business Support Scheme, Mrs Kosi Antiwiwaa Yankey-Ayeh, in a brief remark observed that out of the six hundred million (600 million) earmarked by the government to support Micro, Small and Medium Enterprises (MSMEs) and a further four hundred million (400 million) from the commercial banks, MSMEs have a window of opportunity to access soft loans at a 5% interest rate with a one-year moratorium and a repayment period of two (2) to three (3) years.

Application process

Madam Yankey-Ayeh indicated that Applicants can register via phone, text, online, and paper application. Applications she said will be received on a central portal, applicants will receive a message via text or email specifying their unique reference code, a URL and the next steps they ought to take. With the reference code, they will be able to go through the application process.

The technology platform will pass on the data gathered to the financial institutions/telcos and subsequently, they will assess the applications and issue a recommendation.

Once the recommendation is approved, funds will be disbursed directly to successful applicants. She indicated that disbursements to successful applicants will be made via Mobile Money Transfer or Direct payment into the bank accounts of applicants.