Over 500 dressmakers benefit from ¢1bn government Stimulus Package

Over 500 members of the Ghana National Tailors and Dressmakers Association have received loans from government’s ¢1 billion Coronavirus Alleviation Programme Business Support Scheme (CAP BuSS).

The Scheme is managed by the National Board for Small Scale Industries (NBSSI) in collaboration with Participating Financial Institutions (PFIs) and selected telecommunication companies.

The CAP Business Support Scheme launched by President Nana Akufo-Addo in May 2020 forms part of government’s economic relief strategy to support Micro, Small and Medium Enterprises (MSMEs) across the country affected by the impact of the pandemic.

The CAP Business Support Scheme (CAP BuSS), offers two main products – the ‘Adom’ micro soft loans and ‘Anidasuo’ soft loans, as well as a technical support component for MSMEs.

The President of the Ghana National Tailors and Dressmakers Association – Madam Joana Eshun, has confirmed that more of her members have benefitted from the Scheme.

“Our members numbering over 500 have duly received the Adom loans. Thus, on behalf of my Association, I wish to thank the President through NBSSI for providing this timely relief to sustain our businesses,” she noted in a brief statement.

Madam Joana also appealed to NBSSI to extend the support to more of their members; “it is a panacea to touch many more lives affected negatively by the Coronavirus Pandemic.

The Programme has already disbursed ¢135 million to beneficiaries, with loan value ranging from ghs500 to ¢10,000 per beneficiary, comprising 72 per cent female beneficiaries and 27 per cent males.

Disbursements have so far been made to businesses in all 16 regions of Ghana.

The business sectors that have so far received loans include commerce and trade, dressmakers and tailors, Agri and agro-processing, manufacturing, food and beverages, textile and garments, transportation and tourism and hospitality.  

The GHS1 Billion stimulus package comprises ¢600 million in soft loans, and the remainder as matching funds from the participating financial institutions.    

At the recent mid-year Budget Review presented by the Minister of Finance, Ken Ofori-Atta, government announced an additional ¢150 million with a one year-moratorium and two-year repayment period to support in relieving Ghanaian MSMEs from the challenges brought on board by Covid-19 Pandemic.