Coronavirus: CBG to cushion SMEs to stay in business– MD

Managing Director of the Consolidated Bank Ghana (CBG), Mr Daniel Wilson Addo, has assured that, the bank will support customers who are into small scale businesses.

He stated that, this will be done to keep them in business due to the impact of the COVID-19 pandemic.

He noted that, the bank is poised not to allow the impact of the pandemic the derail small scale businesses in the country.

Speaking at the CEOs breakfast series monitored by Talksafrica.com,he noted that, banks can be essential to the recovery of the Ghanaian economy

“Covid-19 has resulted in the slowdown of the economy however, banks can be essential to the recovery of the economy.”

He said “As banks, we are very much aware of this greater responsibility, because Covid-19 has taught us to show more empathy than we used to.

“We have also taken up the role of educators, and I believe we will ensure customers and small scale enterprises stay in businesses.”

Due to the impact of the COVID-19 businesses, the government has earmarked GHS600million stimulus packages to support these businesses.

The stimulus is being disbursed by the National Board for Small Scale industries (NBSSI).

Finance Minister Ken Ofori Atta in July revealed that more than 64,000 small businesses have received financial support to help alleviate the economic impact of the COVID-19 pandemic.

Under the scheme, government, through the National Board for Small Scale Industries (NBSSI), and in collaboration with business,trade associations, selected commercial and rural banks, are rolling out a soft loan scheme with a one-year moratorium and two-year repayment period for SMEs.

Paa Kweku Eshun Talksafrica.com

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