COVID-19: Monetary support alone not enough for businesses – PEF CEO

The Chief Executive Officer of the Private Enterprise Federation (PEF), Nana Osei-Bonsu, says the interventions introruced by government for small and medium scale businesses affected by COVID-19 will not be enough.

In a bid to cushion Ghana’s economy due to the impact of coronavirus, the government has among other things launched a GHs1 billion Coronavirus Alleviation Programme Business Support Scheme.

This is being provided by the government and selected participating banks to micro, small and medium-scale businesses in the country.

Speaking to Citi Business News, Mr. Bonsu said a lot more ought to be done to guarantee the impact of these nterventions such as a focus on the supply of  energy.ADVERTISEMENT

“The whole thing is not just that the money is not enough. Yes, it is something towards the recovery of businesses but can we do it in a way that we get the impact? The keyword is stimulus, to stimulate what? To stimulate business and resurrect businesses.”

“We are talking about resurrecting businesses. What are the challenges of business; one: electricity. Two: the absence of value addition and the value chain approach to business,” he noted.

The government has indicated that the cumulative effect of the pandemic will cost Ghana GHS9.505 billion.

Applicants for the lSME loan will have a one-year grace period before beginning repayment on an interest rate of 3 percent.

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