Govt sets up stimulus package to revival industries
Government has set aside 50million dollars stimulus package for the revival of distressed industries and companies as part of measures for the revival of industrial sector.

Date Created : 7/19/2017 3:00:51 AM : Story Author : Dominic Shirimori/

The President, Nana Akufo Addo who disclosed this at his first encounter with the media 6 months into his administration also indicated that by end of June 2017, some 80 applications have been adjudged eligible for various stimulus packages.

The number he noted was obtained from 285 applications received out of which 118 were screened and deemed eligible.

Additionally, the president stated that 20 million dollars has been earmarked by local financial institutions as part of the stimulus package to help boost the revival of the industries.

Also in line with the industrialization drive, the president stated that government has allocated $100 million towards the district enterprises programme.

“The Asempa Budget has allocated an amount of $100 million dollars as Government contribution either as equity or in kind support for the establishment of the district enterprises, 1-District-1-Factory. An additional amount of $340 million has been leveraged from local financial institutions for the programme. Government, in collaboration with the Association of Ghana Industries, has also arranged a Suppliers Credit Facility for $2 billion from China to provide equipment, machinery and other facilities in support of the programme. It is now clear that this programme is destined to succeed”.

The president also reiterated that the launch of the National Entrepreneurship and Innovations Plan (NEIP) which is an innovative scheme, under the Business Development Ministry, to help startups, and the difficult early stages of setting up businesses will add to the efforts of creating jobs. The initiative has seen government committing $10 million of public funds to it, and this is hoped to leverage into $100 million from private sources to back the plan.