According to Finance Minister Ken Ofori-Atta, the president will be launching a GHC100 billion fund — Coronavirus Alleviation Revitalization Enterprise Support — to revitalize the Ghanaian economy post-COVID.

The move, in the words of Mr. Ofori-Atta, is “ambitious and unprecedented” and is to provide support to local businesses over a three and half year period.

“I am happy to announce that the president will, in the coming weeks, launch a GHC100 billion development program. It is an ambitious and unprecedented three and a half year program called Coronavirus Alleviation Revitalization Enterprise Support (CARES).” Mr. Ofori-Atta said.

The announcement was made at the 2020 mid-year budget review by the Minister of Finance on behalf of the president of the Republic, His Excellency Nana Addo Dankwa Akufo-Addo.

Disbursement

The money will be disbursed over the period as espoused by the Minister but large businesses will be entitled to GHC1.2 billion immediately.

The government will also be implementing a series of interventions all in a bid to revitalize the economy and also build local industries. Among the interventions are a GHC200 million increase in CAP BuSS, the GHC1 billion fund set up by the president a couple of months ago for small businesses. GHC50 million of the additional GHC200 million CAP BuSS money will be allocated to the creative arts industry.