The GHS600 million stimulus package announced by the government to support small- and medium-scale enterprises (SMEs) is woefully inadequate as far as helping them deal with the impact of the coronavirus pandemic is concerned, Mr Joe Jackson, Chief Operating Officer of Dalex Finance has said.
He told Benjamin Akakpo on Class91.3FM’s Executive Breakfast Show on Thursday, 23 July 2020 that this may be a good attempt at alleviating the suffering of the SMEs in the wake of the pandemic, but noted that the amount involved is not enough.
“I have said that it may be water out of stone but it is not enough,” he said.
He further noted that the real economic impact of the coronavirus pandemic will be felt in September this year.
The coronavirus first entered Ghana in March this year.
Since then, all sectors of the economy have been touched negatively, a situation that forced the government to announce a stimulus package to assist small- and medium-scale enterprises (SMEs).
Jobs have also been lost, especially in the aviation and the hospitality sectors of the economy.
Speaking on the Executive Breakfast Show on Class 91.3FM on Thursday, 23 July 2020, Mr Jackson said the real impact will be felt in September.
“From September, you will start to see the real effect of the job losses, these value chains that have disappeared.”
He noted also that in spite of the impact of the virus, the informal sector still remains vibrant.
“The key positive is that there is still a remarkable amount of residence in the informal sector and that should be harnessed,” he said.