There is rising cost in foreign exchange in Ghana – Chamber of Commerce

There is a rising cost in foreign exchange even though there is no trade on going in Ghana, the Chairman of the Accra Branch of the Ghana Na...

File photo of a Forex bureauThere is a rising cost in foreign exchange even though there is no trade on going in Ghana, the Chairman of the Accra Branch of the Ghana National Chamber of Commerce and Industry, Nana Kwame Agyenim Boateng, has said.

He said this while appealing to government to expand the scope of the Coronavirus Alleviation Programme Business Support Scheme to support more private enterprises.

So far, more than one hundred and ten thousand businesses have successfully completed their application for the GHS 1 billion Business Support Scheme through the National Board for Small Scale Industries, (NBSSI).

The Scheme was launched in May 2020 with the intention to support small and medium-scale enterprises (SMEs) across the country impacted by the novel coronavirus (COVID-19).

Speaking at the launch of a new web portal for the Accra Chamber, the Chairman, Nana Kwame Agyenim Boateng, said the government’s stimulus package in its current state, is insufficient.

“The Masloc Loan and credit Union and the Government of Ghana Loans are part of measures to improve access to credit. There is a rising cost in foreign exchange even though there is no trade on going. The President of the Chamber has appealed to Government to expand the support to the private sector as the total amount is woefully inadequate to address the financial needs.”

Mr. Agyenim Boateng added that “despite assurances from Banks to reduce interest rate on loans, these promises are nothing to go by”.

“Banks on the other hand have confirmed that they will support viable businesses during these disruptions, but we ask ourselves at what cost because we’ve seen policy rates drop in this country but the actual bank rates do not go down accordingly” he lamented.

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