The Ghana Association of Savings and Loans Companies (GHASALC) urges the government to allow its members to disburse the ¢600m stimulus package announced by President Akufo-Addo earlier this month.
Speaking to JoyBusiness, Executive Secretary of the Association, Tweneboah Kodua said the right channel through which monies of such nature can reach the targeted groups is to task an institution that is well-structured and has a database of over six million clients.
He said, “We are experts in doing business with SMEs in Ghana. It will also be in order for the government to involve the Savings and Loans Companies in the disbursement of the stimulus package to support SMEs. We have the structures and it will also boost the liquidity position of the industry”.
The Executive Secretary indicated that their members have put in place measures to sustain the businesses of their clients in these trying times. Among the initiatives being rolled out was a reduction on interest rates and relaxation of loan terms tailored to the needs of SMEs who are currently servicing their loans.
Addressing the nation on the progress that has been made in the fight against the coronavirus pandemic Sunday, April 5, 2020, President Akufo-Addo said, “Government, in collaboration with the National Board for Small Scale Industries (NBSSI), Business & Trade Associations and selected Commercial and Rural Banks, will roll out a soft loan scheme up to a total of six hundred million cedis (GH¢600 million), which will have a one-year moratorium and two-year repayment period for micro, small and medium scale businesses.”
The association as part of their contribution towards the battle against Covid-19 has donated assorted medical and sanitary items to the Ga East District Hospital.
Receiving the items, the Medical Superintended of the Ga East District Hospital Dr Ebenezer Oduro-Mensah expressed gratitude to the Ghana Association of Savings and Loans Companies for delivering on their promise.
He stated that the hospital as of the time of the donations had 192 cases under its care and expecting more as the national figures keep rising.
So far, Ghana has recorded 2,072 confirmed cases with 17 deaths and 212 persons recovered.