Business News of Monday, 3 February 2020Source: www.ghanaweb.comEnterprise Credit Scheme initiative set for first quarter of 2020 - BoGGovernor of the Bank of Ghana, Dr. Ernest AddisonThe Governor of the Central Bank has disclosed that by the end of the first quarter, the bank will have finalized the necessary modalities for the effective implementation of the Enterprise Credit Scheme initiative. The scheme, which was announced by the Finance Minister, Ken Ofori-Atta, in his 2020 Budget and Economic Policy will target some GH¢2 billion for businesses and entrepreneurs to bring the liquidity that is required to manage their credit at a preferentially priced rate. According to Dr Ernest Addison, the central bank’s contribution to the scheme will come by way of allowing commercial banks to use 2 percent out of their 10 percent of deposits from primary reserves compulsorily placed with the Bank of Ghana. The Governor made this known during the 92nd Monetary Policy Committee press briefing last Friday, January 31 in Accra. Dr Addison, however, assured that the funds will be kept at the Central Bank and made available to institutions that participate in the Scheme.

Source: GhanaWeb February 03, 2020 12:56 UTC