Businesses must prepare for post-COVID-19 – BoG
As many businesses struggle with the outbreak of the novel coronavirus, the Bank of Ghana has urged start-ups to come up with strategies that will help them in the post-covid economic recovery period.
Doing this, they believe, will help turn the disruptions in the global supply chain into a national advantage.
The period of planning is also expected to help build a more self-reliant and resilient economy.
Speaking at a forum organised by the Engine Business Network (EBN), the Second Deputy Governor of BoG, Elsie Addo Awadzi, emphasised on the need to ensure nobody is left behind during post-COVID-19.
Outlining some measures to help after the deadly pandemic scare, Mrs Awadzi, advises businesses to look at the public-private partnerships.
“We need critical public-private sector investments in key infrastructure over the medium-term to increase the manufacturing capacity of the economy.
“We need to re-tool and re-equip the MSME sector to leverage technology for more innovation.
“We need to increase access to finance for MSMEs and a renewed focus on equitable and inclusive growth to ensure that the MSME sector, and in particular, women and youth entrepreneurs are not left behind, she stressed.
The Second Deputy Governor also indicates that the central bank has already taken some steps to cushion businesses at a time covid-19 is biting hard.
“By reducing its monetary policy rate from 16% to 14.5% in March 2020 and providing regulatory reliefs to release capital and liquidity to banks and specialised deposit-taking institutions (SDIs).
“BoG has also provided a major boost to financial institutions to provide economic relief to their customers, particularly those in the MSME sector,” she stated.
She assured the general public that the central bank is committed to ensuring the policies and regulatory measures adopted by the bank helps to promote macroeconomic stability and growth for all Ghanaians.
Mrs Awadzi encourages all EBN members to explore financing and other opportunities available for MSMEs.
The forum was under the theme “MSME manufacturing capabilities responding to COVID-19 and opportunities beyond.”
Read the full speech below