President of the Republic, Nana Addo Dankwa Akufo-Addo, has announced some GH¢ 600 million soft loan support for all micro, small and medium scale enterprises in the country.
The loan scheme, according to the president, will have a one year debt moratorium and a two year repayment period, ie borrowers will enjoy a full year delay in debt payment before commencing their two-year-repayment of debt.
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The decision, as explained by the president in his address to the nation on Sunday evening, is to help mitigate the corrosive effects of coronavirus on Ghanaian businesses.
The scheme, the President added, is in collaboration with the National Board for Small Scale Industries business and trade associations and selected commercial and rural banks.
Soft loans, usually provided by governments, have below-market interest rates with longer repayments period.