Finance Minister Ken Ofori Atta is expected to seek parliamentary approval today, March 30, 2020, for the government's Covid-19 alleviation programme.
The programme will outline measures aimed at mitigating the impact of the Covid-19 on the economy.
It will focus on the practical measures being put in place to minimise the adverse impact on the economy.
President Akufo-Addo in his fourth national televised address on the stateâ€™s strategies to stem the spread of the Covid-19 in Ghana announced a relief package of at least GHÂ¢1 billion for households and businesses, particularly small and medium scale enterprises.
â€œThe Minister for Finance has been directed by me to prepare, for approval by Parliament, a Coronavirus Alleviation Programme to address the disruption in economic activities, the hardship of our people, and to rescue and revitalise our industries.
â€œHe will, then, immediately make available a minimum of one billion cedis (GHÂ¢1 billion) to households and businesses, particularly small and medium scale enterprises.â€
Also, commercial banks across are expected to support local industries, especially in the pharmaceutical, hospitality, service and manufacturing sectors with an estimated GHÂ¢3 billion facility in response to the Bank of Ghanaâ€™s 1.5% decrease in Policy Rate and 2% in reserve requirement.
Additional relief to businesses which the President announced during the televised address is an extension of the tax filing date from April to June as well as a 2% reduction of interest rates by banks, effective April 1, 2020.
â€œAll other sector credit exposures will be reviewed on a case by case basis; mobile money users can send up to GHÂ¢100 for free; and a 100% to 300% increase in the daily transaction limits for mobile money transactions.â€