Over 200,000 SMEs to benefit from GH₵600 million COVID-19 support to businesses

Executive Director of NBSSI, Mrs. Kosi Yankey-Ayeh

More than 200,000 businesses are expected to soon access the GHc600 million stimulus package called COVID-19 Alleviation Programme (CAP), the Executive Director of the National Board for Small Scale Industries (NBSSI), Kosi Yankey-Ayeh, has announced.

The businesses, mostly Micro, Small, and Medium Enterprises, which have been worst affected by the outbreak of the coronavirus (COVID-19) disease, are hoping to be cushioned by this stimulus package for a while, as economies all over the world battle the impact of this global pandemic.

Mrs. Yankey-Ayeh said some extensive engagement with multiple stakeholders including financial institutions, associations, trade groups, service providers, consultants among others have already taken place.

This, she noted was “to ensure that we all align on the products that the business scheme will roll out to achieve a common goal.”

Addressing the journalists at the regular press briefings organized by the Ministry of Information, the Executive Director of NBSSI disclosed that an online portal has been developed pending the approval by the Board of Directors, of NBSSI.

She said it will be stress-tested by independent consultants to ensure that all implementation challenges are minimized and tested, all as parts of effort to ensure the success, efficiency and transparency of the programme.

She also said an opportunity will be created for those who are not technology-savvy or have limited access in remote districts to have access to partake in the business support scheme.

“We believe that we are in a position to operationalizing the service soon. We also will be communicating to the general public as of today to get them ready to prepared,” she added.

Mrs. Yankey-Ayeh acknowledged the support of the Board of NBSSI and the Ministry of Finance, who she said are helping to ensure that all the necessary activities are assiduously carried out to implement the project to all qualifying entities.

According to the NBSSI, figures from the Statistical Survey Division shows micro-enterprises constitute about 80 per cent of the MSME sector, small businesses constitute 15 per cent and medium enterprises being one per cent.

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