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Application for CAP is free – NBSSI
Applicants of the Coronavirus Alleviation Programme (CAP) business support have been asked to be cautious of persons who offer to register them on the scheme at a fee.
The National Board for Small Scale Industries (NBSSI), the fund manager, said although the registration for the CAP was free, some unscrupulous individuals were charging applicants before registering them on the scheme.
A statement issued by the board in Accra said some unsuspecting applicants had fallen victim to fraudsters who were charging registration and application fees.
“The initial registration/application is totally free. However, an administrative or processing fee is deducted only when funds have been approved and credited to the applicant’s account,” the NBSSI said.
The GH₵1 billion CAP, launched by President Nana Addo Dankwa Akufo- Addo on Tuesday, May 19, 2020, is aimed at aiding Micro, Small and Medium Enterprises (MSMEs) to survive the impact of the pandemic on their operations.
The statement said the facility came with an annual interest rate of three per cent, a one-year moratorium and a repayment term of between two and three years and administered to eligible businesses through some financial institutions and telecommunication companies.
“It is a life saver not just for the beneficiaries but for the nation as a whole. It is unprecedented in Ghana’s history, as it accounts for about 0.15 per cent of Gross Domestic Product (GDP) and 1.22 per cent of the projected tax revenue for 2020, oxygen for a nation gasping for breath from a Coronavirus pandemic that has hit the world hard and brought global economies to a standstill,” it said.
It noted that with MSMEs accounting for 92 per cent of businesses and contributing to about 70 per cent of GDP, the effort to support them was justified because, “MSMEs are the pulse of the Ghanaian economy. It is these businesses that keep the lights on in Ghana.”
“The fund is a breath of fresh air and a resurgence of hope in an uncertain time. It is the panacea this nation so desperately needs to sail through these tumultuous times,” the statement said.
The NBSSI said it had a proven track record in implementing similar interventions and had in the last three years, chalked many significant milestones such as the training of 65,000 youths and supporting several entrepreneurs.
“The hope is that this fund will benefit as many eligible businesses as possible, to ensure their survival, as well as that of households that depended on such businesses. There is no doubt that this relief programme is timely and most welcome,” it said.
BY JONATHAN DONKOR
The Diaspora Affairs Office at the Office of the President has hosted a delegation of African diaspora women who are in Ghana ahead of a planned Presidential Conferment of Citizenship ceremony.
The Director of Diaspora Affairs, Kofi Okyere Darko, explained in a Facebook post that the visit was a gesture of appreciation by the delegation to the Government of Ghana for its continued efforts to reconnect Africans in the diaspora with their ancestral homeland.
He indicated that the ceremony, scheduled for next Monday, will officially grant Ghanaian citizenship to members of the delegation as part of the country’s broader engagement with the African diaspora.
The delegation was led by Erica Bennett, Founder of the Diaspora Africa Forum.
According to Mr Okyere Darko, her years of advocacy have played an important role in strengthening ties between Africa and people of African descent living abroad.
He noted that the group’s journey towards citizenship represents not only a legal process but also a cultural and spiritual return to their roots.
Also present at the meeting was Natalie Jackson, an attorney who is also expected to receive Ghanaian citizenship during the ceremony. She works closely with renowned civil rights lawyer Ben Crump.
Mr Okyere Darko emphasised that Ghana remains committed to strengthening relationships with the African diaspora and promoting unity, identity, and shared heritage among people of African descent worldwide.
By: Jacob Aggrey
Ghana has signed a debt restructuring agreement with the Kingdom of Belgium as part of efforts to restore the country’s economic stability after the financial crisis that hit the nation in 2022 and 2023.
The Minister of Finance, Cassiel Ato Forson, today disclosed that he signed the agreement on behalf of the Government of Ghana.
He explained that Ghana experienced a very difficult period during the crisis, which forced the government at the time to declare a debt default.
However, he indicated that the country is now recovering and witnessing a significant economic turnaround.
According to him, stronger systems are also being put in place to ensure that Ghana does not return to such a situation again.
Dr Forson noted that the agreement with Belgium is the eighth deal Ghana has concluded with countries under the Official Creditor Committee as part of its external debt restructuring programme.
He expressed appreciation to the Government of Belgium for its support and partnership with Ghana during the process.
The Finance Minister thanked Carole van Eyll, Ambassador of Belgium to Ghana, for her role in strengthening relations between the two countries.
The agreement forms part of Ghana’s broader effort to restructure its external debts and stabilise the economy following the crisis.
By: Jacob Aggrey
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