The president said the move is 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.
This will be contained in a "Coronavirus Alleviation Programme" the president has tasked the Finance Minister to prepare for the approval of parliament.
He said the "Coronavirus Alleviation Programme" will address the "disruption in economic activities, the hardship of our people, and to rescue and revitalize our industries."
"The commercial banks are, in addition, responding to the Bank of Ghana’s 1.5% decrease in the Policy Pate and 2% in reserve requirement with a three billion-cedi (GH¢3 billion) facility, to support industry especially in the pharmaceutical, hospitality, service and manufacturing sectors," the president said.
He also announced additional relief, such as the "extension of the tax filing date from April to June; 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, i.e. hotels, restaurants, car rentals, food vendors, taxis, and uber operators. All other sector credit exposures will be reviewed on a case by case basis; mobile money users can send up to one hundred cedis (GH¢100) for free; and a one hundred percent (100%) to three hundred percent (300%) increase in the daily transaction limits for mobile money transactions."