He announced this at a meeting with key stakeholders in the hospitality industry held at the Jubilee House in Accra.

Nana Akufo-Addo explained that the money will be disbursed in a form of loans to industries that have been severely affected by the coronavirus pandemic.

“The Bank of Ghana, with the support of the Ministry of Finance, has worked towards reducing interest rates and even putting in place a moratorium on the payment of monies.”

“There is a subsequent package that is also being currently negotiated between the ministry and the BoG for a large amount to be pumped into the economy to support productive sectors of the economy,” he added.

The president said the package will be given in addition to the GHC600 million package earmarked for SMEs to ease the impact of the COVID-19 pandemic on businesses.

He said players in the hospitality industry such as Alisa Hotel must be commended for allowing the government to use their facilities during the quarantine period

Nana Akufo-Addo added that his government is the hardest hit by the pandemic but they will continue to work tirelessly to restore the economy.

“We’ve had huge part of government’s revenue that has gone out of the window as a result of the pandemic. The 2020 budget which was made in November was predicated on 65 dollar barrel of oil. Today we all know that oil is now around 18, 19, 20, 21 dollars oil a barrel.”

“The commitment of the government to stand beside you and work with you to find a way forward is unconditional,” he assured them.

President Akufo-Addo said the commended the hospitality sector players for their contribution to the growth of the country’s economy.

“People left this country with a very good memory of Ghana and the credit must be given to the hospitality industry,” he said.

The President of the Ghana Tourism Industry (GHATOF), Ms Bella Ayayee said they were grateful for the president’s support and appealed for this to continue even after COVID-19.

“Beyond COVID-19, tourism and hospitality will strive and we will record a boost,” she said.