Finance Minister Ken Ofori-Atta has said Government will Establish Enterprise Credit Scheme (ECS) in 2020.
According to the Minister, Government is working together with the Banking Community to launch a GHS2 billion credit and guarantee scheme for the Enterprise Credit Scheme (ECS).
Finance Minister Ken Ofori-Atta made this known in Parliament when he presented the 2020 Budget Statement and Economic Policy of President Nana Akufo-Addo’s Government.
He said this initiative will be structured to incentivise banks to lend to the private sector at discounted lending rates.
The Minister added that the scheme which will start in the first quarter of 2020 will be targeted at specific industries such as agri-business, manufacturing, hospitality and tourism and the tech-sector amongst others.
"We will like to emphasize that the ultimate solution to job creation lies in the private sector. The Private sector in Ghana continues to borrow at over 25%, while their competitors elsewhere are borrowing at least that 5%. One way to support them is to ensure a reasonable level of lending rates."