Over thirty-five companies in Ghana are expected to receive financial support from the government to help revive and expand their activities.
The support is captured under the government’s stimulus package program for businesses which intends to help private businesses in the country grow to reduce the menace of over-dependence on the state-owned businesses.
The businesses were shortlisted when they were assessed to determine their viability and the needed support to revamp the operations.
The President of the country, Nana Addo Dankwah Akuffo Addo who was speaking at the annual awards ceremony of the Association of Ghana Industries (AGI) revealed that so far $237 million has been disbursed to 16 companies.
This hence implies that an average support of 14.81 million will be given to every business entity that qualifies for the benefit.
The President said, “Under the stimulus package, 237 has been disbursed to 16 companies with additional 35 being considered for support.”
Adding that, the government will work to reduce the impact of erratic power supply and cedi depreciation on business going forward.
“One thing I can assure you is that the days of high public debt, high fiscal deficit, high interest rates, depreciating currency, and erratic power supply will not be a feature of my government,” he said.
The President of the AGI, Dr Adu Gyamfi who added his voice indicated that the industry is awaiting the full impact of the money that is allocated to business development next year.
He said, “If some of these monies are really given to industries, we will see a major jump. The President just said it confirming that 2019 will be a year that manufacturing will take its place,” adding that,” We are going to work with them.”
Over twenty companies and individuals were awarded on the night.