National Board for Small Scale Industries receives over 170,000 applications for GHC1bn stimulus package for SMEs

This is a huge jump from the 14,000 businesses that registered in the first week.

In a statement, she said more than 110,000 businesses that have registered have completed their application for the scheme.

It added that the number of businesses that have completed the application process is currently 65% of registered businesses.

“In coordination with relevant Participating Financial Institutions, the necessary due diligence is underway to ensure our hardworking Ghanaian Micro, Small and Medium Enterprises (MSMEs) who are the backbone of the economy receive requisite assistance in these hard times.”

A breakdown of the applications indicates that Ashanti Region has the highest number of total applications with 28.6%.

The Central Region follows with 13%. The Greater Accra has 12% applications while Eastern Region has 11.5%.

Meanwhile, some staff of NBSSI and members of the CAP BUSS Steering Committee have started a nationwide outreach and monitoring visits to selected trade and business associations and market centres across the country.

The government of Ghana has set aside a GHC1billion stimulus package to assist Micro, Small, and Medium Enterprises that have been affected by the coronavirus pandemic.

President Akufo-Addo in announcing the program said this is to help businesses to mitigate the impact of the pandemic.

The initial amount for the SMEs was pegged at GHC600 million but has been increased to GHC billion following a commitment by some participating financial institutions.