The move, the president said in address to the nation Friday night, was part of measures to provide relief to Ghanaian households and businesses.

The president also announced a two percent (2%) reduction of interest rates by banks, effective 1st April, 2020; the granting by the banks of a six (6) month moratorium of principal repayments to entities in the airline and hospitality industries and uber operators.

He also said mobile money users can send up to one hundred cedis (GH¢100) for free, in addition to a one hundred percent (100%) to three hundred percent (300%) increase in the daily transaction limits for mobile money transactions .

Meanwhile, the president has also tasked the Finance Minister to make available GH₵1 billion to households and businesses.

He said it was part of bold measures by his administration to mitigate the impact of Coronavirus on businesses and households and to ensure that jobs losses are minimized.