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Nana Addo launches GHC600 million stimulus package for Businesses today

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Nana Addo launches GHC600 million stimulus package for Businesses today

Nana Addo launches GHC600 million stimulus package: President Nana Addo Dankwa Akufo-Addo will today, Tuesday, 19 May 2020 launch the GH¢600 million stimulus package to support Micro, Small and Medium Enterprises (MSMEs) that have been negatively affected by the Coronavirus pandemic.

Dubbed the Coronavirus Alleviation Programme (CAP) Business Support Scheme (CAP BuSS), the initiative is intended to provide soft loans to MSMEs.

The launch will take place at the Jubilee House.

In his fifth televised address to the nation on Ghana’s COVID-19 fight, Nana Akufo-Addo announced that the government, in collaboration with the National Board for Small Scale Industries (NBSSI), Business & Trade Associations and selected Commercial and Rural Banks, would roll out a soft loan scheme up to a total of GH¢600 million to cushion these businesses.

 

More than 200,000 businesses to benefit from GHC600 million stimulus package

More than 200,000 Micro, small and medium Enterprises are expected to benefit from the GHC600 million COVID-19 Alleviation Programme (CAP) Business Support Scheme.

Mrs Kosi Yankey-Ayeh, the Executive Director of the National Board for Small Scale Industries (NBSSI), who announced this at a briefing at the Ministry of Information, on Thursday, said steps were being taken to operationalise the scheme soon.

She said about 80 per cent of the businesses are in the micro category.

President Nana Addo Akufo-Addo committed GHC 600 million as a stimulus package to support the hardest hit Ghanaian businesses in the category of Micro, Small and Medium Enterprises in both the formal and informal sectors.

The MSMEs make up about 70 percent of the Ghanaian economy.

Mrs Yankey-Ayeh said the NBSSI had over the past few weeks had deep and extensive engagements with multiple stakeholders, including financial institutions, associations, trade groups, service providers, and consultants to ensure that they were all aligned with the products that the business scheme would roll out to achieve a common goal.

“We have been supported by our Board and the Ministry of Finance and their team to ensure that we work assiduously to implement the project to all qualifying entities,” she said.

“The NBSSI has also worked closely with various stakeholders to come out with eligibility criteria and really tighten it in such a way that it allows people to have the option to apply for the facility”.

Mrs Yankey-Ayeh said to ensure the success, efficiency and transparency of the programme, an online portal had been developed to be approved by the Board of Directors, and it was being stress-tested by independent consultants to ensure that all implementation challenges were minimised and tested.

“We will also create the opportunity for those who are not technology savvy or have limited access in remote districts to have access to partake in the business support scheme,” she said.

“We believe that we are in the position to operationalise the service soon. We also will be communicating to the general public as of today to get them ready to prepare,” Mrs Yankey-Ayeh added.

 

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Nigeria commits to pay off US$28.7 million capital arrears in Shelter Afrique

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Nigeria Finance Minister Dr Zainab Shamsuna Ahmed and Shelter Afrique MD Andrew Chimphondah

Abuja – January 11, 2022: The Federal Republic of Nigeria has pledged to pay the full capital arrear of US$28.7m in Shelter Afrique, Nigeria’s Finance Minister Dr. Zainab Shamsuna Ahmed disclosed at a meeting with Shelter Afrique Group Managing Director and CEO Mr. Andrew Chimphondah in Abuja.

The Minister further disclosed that the payment will be made in four installments starting January 2022.

In September 2020, the pan African housing development financier received US$$9.4 million from Nigeria. The contribution moved Nigeria to become the second-largest shareholding in the organization with 13.27% of the shareholding, behind Kenya with 17.78%, and ahead of the AfDB at 12.83%.

Lauding the government of Nigeria for its show of confidence in the institution and a stamp of approval for the organisation’s financial turnaround, Mr. Andrew Chimphondah said, “This is a major milestone which is set to propel Nigeria to become the largest shareholder in Shelter-Afrique when the country meets its capital commitment. This is a strong testament of the strong shareholder commitment and support of the Shelter Afrique Board and Management.”

Housing Bond

Shelter Afrique is planning to raise 250 Billion Naira Bond (US$500million) in 2022 to support its affordable housing projects in Nigeria. The Company is set to commence the road shows with prospective investors in January 2022 and is expected to conclude fundraising by end of February.

Shelter Afrique has embarked on a defined strategy of developing and deepening local capital markets so that access to local currency which is competitively priced can be made available to Nigerian Developers from the Real Estate Developers Association of Nigeria (REDAN), Large Developers and Tier 1 and Tier 2 Banks and Primary Mortgage Lenders. The significance of this is that Shelter-Afrique will have been successful in dealing with the foreign exchange exposure risks that have crippled many African countries caused by the weakening of local African currencies against hard currencies such as the United States Dollar and the British Pound Sterling,” Mr. Chimphondah said.

Thanking the Finance Minister Dr. Zainab Shamsuna Ahmed for supporting the Bond Issue by the approvals received on critical waivers from the Ministry of Finance, Mr. Chimphondah noted that Nigeria was a critical and strategic market for Shelter Afrique, adding that the fund realized from the bond issue will go a long way in address the affordable housing shortage in the country, now estimated at 17 Million Units against the continent’s 56 million units.

“As a response to addressing this housing shortage, Shelter Afrique will implement a transformative strategy that will crowd in additional capital funding into the low cost large scale affordable housing market in a commercially viable manner,” Mr. Chimphondah concluded.

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Yaw Amoateng Afriyie appointed Deputy CEO of GIPC

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Yaw Amoateng Afriyie

The President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo, acting under Section 17 (3) of the Ghana Investment Promotion Centre (GIPC) Act 2013 (Act 865), has appointed Yaw Amoateng Afriyie as the acting Deputy Chief Executive Officer of GIPC.

Amoateng Afriyie’s appointment is subject to the constitutionally required advice of the governing board of GIPC in consultation with the Public Services Commission.

GIPC –  Ghana Investment Promotion Center

GIPC is Ghana’s principal investment agency. Its functional mandate is to attract, promote and retain inward investment into Ghana to stimulate wealth creation and unlock opportunities for the private sector.

Amoateng Afriyie will assist the newly constituted board and the chief executive officer, Yofi Grant, together with the existing management to ensure that Ghana’s post-COVID-19 recovery is anchored on competitiveness, innovation and the board’s broader objectives.

These investment objectives align with Ghana’s international obligations.

Profile of Yaw Amoateng Afriyie

Before his appointment, Amoateng Afriyie worked in various senior capacities in the UK and Ghana as a management and political risk professional. He has considerable experience in commercial, tactical and strategic risk assessment in relation to business and investment in sub-Saharan Africa.

Until recently, he was the managing director of Elmina Advisory Ltd, a Ghana-focused government affairs consultancy advising blue-chip companies and global consultancies to assess opportunities and manage the impact of politics and policy, macroeconomics, and security in Ghana.

He has also worked as West Africa head at Africa Matters Ltd (AML), a London-based Africa-focused consultancy; a research analyst in the international office of the campaign headquarters of the Conservative Party UK; a researcher at Africa Practice, London; an external consultant at the global business advisory firm FTI Consulting; and a freelance contributor on anglophone West Africa at the Economist Intelligence Unit (EIU).

Amoateng Afriyie holds a postgraduate diploma in global business from the Saïd Business School of the University of Oxford, a Master’s degree (MA) in conflict resolution in divided societies from King’s College, University of London, and a Bachelor of Arts with Honours in politics and international relations from the University of Kent, Canterbury, also in the United Kingdom.

He is an enthusiastic amateur golfer who plays to a handicap of 12. He is equally passionate about the arts, including the music of various genres, current affairs, and sports, including football and Formula 1 racing.

GIPC has recently been adjudged the best investment agency in Africa three consecutive times by Capital Finance International magazine (CFI.co).

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Beaufort Properties and CityBlue announce two apartment projects in Accra

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Beaufort Properties and CityBlue

Beaufort Properties and CityBlue announce two apartment projects in Accra

Beaufort Properties, one of Ghana’s most experienced residential developers, based in Accra, today announced a joint venture with CityBlue Hotels, Africa’s fastest growing local hotel chain, owned by The Diar Group. Under a long-term arrangement, the two companies will build and operate two apartment buildings in premium locations in Accra. Pinewood Residences by CityBlue, will be a 30-unit development, in Airport Residential, Accra and Trinity Residences by CityBlue, will be a 25-unit development, in East Legon, Accra. Both properties, which are scheduled to open in Q4 of 2023, will be a combination of aparthotel and serviced apartments.

Pinewood Residences by CityBlue is located on Senchi Street in the Airport Residential Area, one of the most sought-after locations in Accra. The street is home to Mirage Residence, Association School, the landmark Kass Towers and Hollard Life Assurance.  The seven-story development is walking distance to Accra’s top restaurants (Santoku, SkyBar and La Chaumiere) and is less than 10 minutes’ drive to Kotoka International Airport.

The Trinity will offer some of the largest studio and one-bedroom aparthotel units in Accra – modern and stylish in character. It is the latest phase in the wider Riviera Residence scheme (phases 1 and 2 have already been completed), which is a unique mixed-use, residential development, encompassing living, dining and shopping, in a magnificent lakeside setting in the middle of East Legon.

Ernest Hanson, CEO of Beaufort Properties, said: “The Diar Group has truly identified a gap in the sub-Saharan market over the past decade and this is the time to see CityBlue in Ghana. The brand has consistently demonstrated both growth and resilience across multiple East African markets and it has reached a natural time to launch its first portfolio in West Africa. Beaufort Properties has a strong base and team of professionals in Ghana who are excited to bring such a fresh and native brand into the hospitality sector in Accra.”

Jameel Verjee, Principal of The Diar Group and Founder of CityBlue, concluded: “Our journey across East, Central and Indian Ocean Africa has been our platform. We believe that this has prepared CityBlue for the next phase of expansion and, to do so, it makes sense to partner with a world-class, local team in Ghana with a significant track record of real estate development and a confident view of the post-pandemic rebound in the hospitality sector”.

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