{"id":744397,"date":"2019-11-14T12:04:01","date_gmt":"2019-11-14T12:04:01","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/11\/14\/more-support-for-businesses\/"},"modified":"2019-11-14T12:04:01","modified_gmt":"2019-11-14T12:04:01","slug":"more-support-for-businesses","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/11\/14\/more-support-for-businesses\/","title":{"rendered":"More Support For Businesses –"},"content":{"rendered":"

<\/p>\n

\n

Ken Ofori-Atta<\/strong><\/p>\n

BEGINNING NEXT year, government has indicated it will begin major
\ninterventions to boost private sector credit to support all segments of the
\nbusiness community in Ghana.<\/p>\n

Finance Minister Ken Ofori Atta, who made this known in Parliament
\nyesterday, said in 2019, government engaged many stakeholders with respect to
\naccess to credit for the private sector which saw experts going across the
\nlength and breadth of the country to meet with SMEs and artisans, proprietors
\nand associations to get a better understanding of the challenges they faced in
\naccessing credit, while the ministry also engaged the AGI, Banker\u2019s
\nAssociation, among others, prior to this year\u2019s budget. <\/p>\n

\u201cThrough evidence-based research and field engagements with over 40
\nbusiness associations, credit needs of micro, small and medium enterprises in
\nthe country; government is ready to take advantage of the macro gains, and
\nenhanced social cohesion through our social intervention initiatives to focus
\non private sector growth, home ownership and infrastructure development,
\nincluding toll roads. To anchor such shift, will be the National Development
\nBank (NDB) and the Ghana Infrastructure Investment Fund (GIIF).\u201d<\/p>\n

Enterprise Credit Scheme<\/strong><\/p>\n

Noting
\nthat the private sector in Ghana borrowed at over 25%, while their competitors
\nelsewhere borrowed at least that 5%, the Finance Minister said government was
\nworking with the banking community to launch a two billion Ghana Cedis credit
\nand guarantee scheme in 2020. <\/p>\n

This
\ninitiative will be structured to incentivise banks to lend to private sector at
\ndiscounted lending rates. The scheme which will start in the first quarter of
\n2020 will be targeted at specific industries such as agri-business,
\nmanufacturing, hospitality and tourism and the tech-sector amongst others. <\/p>\n

Micro businesses and household lending <\/strong><\/p>\n

He
\nsaid government would also partner with Fintech companies, local banks and
\nmobile money operators to deliver micro credit to Ghanaian businesses and
\nindividuals. <\/p>\n

The
\nintervention, expected to deliver quick loans on favourable terms using
\ntechnology driven platforms to do credit assessment, is in line with
\nGovernment\u2019s digitization 78 agenda.<\/p>\n

It
\noffers an opportunity for MSMEs to apply for loans on their mobile phones with
\nminimal human intervention. The initiative will go live by the first quarter of
\n2020.<\/p>\n

Long Term Institutional Investors<\/strong><\/p>\n

Mr
\nOfori-Atta continued that to encourage the establishment of private equity,
\nventure capital and mutual funds as well as improve the ecosystem for
\nstart-ups, the current application of VAT on management fees for these funds
\nwould be abolished since it discouraged institutional and angel investors, both
\nlocal and foreign, from investing in such critical funds for private sector growth.\n<\/p>\n

\u201cThis will improve the accumulation of long term funds in the economy to support growth and jobs.\u201d<\/p>\n

BY Samuel Boadi <\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Ken Ofori-Atta BEGINNING NEXT year, government has indicated it will begin major interventions to boost private sector credit to support all segments of the business community in Ghana. 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