News
COVID-19 Businesses Support Fund should spur MSMEs on to thrive
President Nana Addo Dankwa Akufo-Addo on Tuesday launched a GH¢1 billion COVID-19 Alleviation Business Support Programme to support Micro, Small and Medium Enterprises (MSMEs) affected by the coronavirus (COVID-19) pandemic.
The amount is expected to support businesses in areas such as agriculture and agribusiness, manufacturing, tourism and hospitality, education, food and beverages, technology, transportation, commerce, healthcare and pharmaceuticals, and textile and garments.
Additionally, MSMEs which need expansion to meet the growing demand for COVID-19 related goods and services can also apply.
According to President Akufo-Addo, the business support programme, which is expected to reach 180 beneficiaries across the country will help minimise job losses in the wake of the outbreak of the COVID-19 pandemic.
Out of GH¢1.2 billion earmarked for the programme, he said GH¢600 million will be disbursed as soft loans to MSMEs with one year moratorium and two years repayment. The rate of interest on the loans is three per cent.
Aside the GH¢1billion facility for MSMEs, the President indicated that the government will make available a GH¢3 billion credit and stimulus package to help boost businesses.
The Ghanaian Times applauds government for this initiative aimed at helping all businesses that have been heavily hit by COVID-19 in the country.
The harm that has been caused by the outbreak on Ghanaian businesses cannot be overemphasized.
The package, we believe, offers a huge sigh of relief to businesses which have seen their productivity levels and revenue reduced drastically and are struggling to hold on to their employees.
It is true that globally, the pandemic has rendered economies flat and affected the income of government, businesses and households.
In Ghana, MSMEs, which accounted for 70 per cent of the country’s Gross Domestic Product (GDP) and represented 92 per cent of businesses, have not been exempted.
This is why it is imperative that we support all efforts to ensure the success of the COVID-19 Alleviation Programme (CAP) Business Support Scheme to protect jobs and bring back the country’s economy to life when the dust settles.
We urge all businesses to take advantage of the government’s support programme and use the funds for the intended purposes to resuscitate their businesses and further enhance Ghana’s economic growth.
We are also mindful that not all businesses can be supported owing to limited funds and so we urge all beneficiaries to pay back on time to enable government extend similar support to others.
Even as we commend government for this laudable initiative, we will urge the country mobilise more funds to support other sectors including the media which are not expected to benefit from the support scheme in these difficult times.
A leading member of the newly rebranded United Party, also known as UP, Hopeson Adorye, has called on Ghanaians who feel dejected or oppressed in politics to join the new party, describing it as a better political home for all.
He made these remarks at the launch and rebranding of the Movement for Change into the United Party (UP) at the Coconut Grove Hotel in Accra on Thursday, October 16.
Mr. Adorye explained that the party was fully ready to serve as an alternative political force to address Ghana’s challenges.
He noted that the UP leadership was focused and determined to change the country’s political structure and bring meaningful transformation.
He stated that the party’s vision was to build a united Ghana, stressing that without unity, the nation could not make real progress.
According to him, the mission of the UP was to create a prosperous country where every citizen could provide for themselves and their families.
Mr. Adorye emphasised that the new party was not formed to destroy any existing political organization but to contest and win elections to bring about the needed change.
He expressed confidence that many Ghanaians from different political backgrounds, including those dissatisfied with their current parties, would join UP+ because of its values and inclusive ideology.
He added that the party was building its structures from the grassroots and hoped to complete them by the end of the year as part of efforts to strengthen its national presence.
The Founder of the United Party (UP), Alan Kwadwo Kyerematen, also addressed the gathering and reflected on the transformation of the Movement for Change into the UP+.
He explained that the rebranding marked a new phase of political renewal, symbolized by the monarch butterfly in the party’s logo, which represents transformation, resilience, and endurance.
Mr. Kyerematen noted that the colors of the party yellow, black, and white stood for Ghana’s gold resources, the black star of Africa, and purity, respectively.
He stated that the UP stands for ethical leadership, integrity, and unity, adding that many of its members entered politics to serve the nation, not for personal gain.
He revealed that the party’s Great Transformational Plan (GTP), which has received global recognition, would guide the UP+ government when elected.
“The plan is designed to stabilize the economy, reduce the national debt, and promote industrial growth through ten strategic anchor industries” he added.
He explained that the health policy would emphasize preventive care, community-based services, and the inclusion of traditional and herbal medicine, which many Ghanaians rely on.
Mr. Kyerematen further stated that the UP would promote a strong Pan African agenda, explaining that Ghana’s prosperity must be tied to the wellbeing of the entire continent.
He noted that the party believes in Ghana first, and its policies were anchored on uniting the country and restoring hope in national development.
By: Jacob Aggrey
Flagbearer hopeful of the New Patriotic Party, Dr. Mahamudu Bawumia, has appealed to the rank and file of the party to rally behind him as he prepares to lead the party in the 2028 elections.
Addressing delegates in Sene East during his campaign tour, he highlighted key contributions to the party.
He revealed that at the behest of former president, Nana Addo Dankwa Akufo-Addo, he left his job at the Bank of Ghana to work for the NPP.
According to him, many asked him to rescind the decision. However, because of his loyalty to the party, he resigned from the bank to be their running mate.
He added that at the African Development Bank, he resigned in 2012 just to serve the party at the highest level.
“I defended the party in 2012. We lost, but I stayed in Ghana to put pressure on John Dramani Mahama and the NDC,” he added.
He is therefore urging the party to choose continuity and to back his leadership.
By: Jacob Aggrey
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