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Most Affected Covid-19 Businesses in Ghana Receives 6 months Halt in Loans Repayments

The airline and hospitality industries in Ghana are to receive a six-month moratorium on principal loan repayments as part of a string of measures announced by the government to prevent a floundering economy due to the global coronavirus outbreak.

This means operators of airlines, hotels and restaurants, as well as car rentals, food vendors, taxis, and Uber operators, will be exempted from repaying the principal of their loans with the various banks as the country go on a two-week lockdown from Monday, March 30 to contain the spread of the virus.

President Nana Addo Dankwa Akufo-Addo who announced this Friday night also said all other sector credit exposures will be reviewed on a case by case basis.

Already the Bank of Ghana has announced a 1.5% decrease in the policy rate and 2% in reserve requirement with a ¢3 billion facility to support industry especially in the pharmaceutical, hospitality, service and manufacturing sectors.

“We are aware that there will be discomfort and difficulties for all of us over the next couple of weeks,” the President admitted.

He has thus extended tax filing date for businesses from April to June.

“We are providing additional relief, such as…a two percent (2%) reduction of interest rates by banks, effective 1st April, 2020,” the stated.

He said he has directed the Finance Minister to prepare for approval by Parliament, aCoronavirusAlleviation Programme to address the disruption in economic activities, the hardship of our people, and to rescue and revitalize our industries.

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