President Akufo-Addo has formerly launched a GHS 600m Coronavirus Alleviation Programme (CAP) Fund to support micro, small and medium scale (MSME) enterprises.
The initiative is expected to help limit the effects of the Covid-19 pandemic on such businesses.
President Akufo-Addo has said coronavirus has negatively affected businesses, especially MSMEs.
According to the president, government had plans to distribute a total of Ghs1bn SMEs across the country.
According to him, agro business, textiles and garments enterprises can apply for additional support.
President Akufo-Addo has said the proper use of the funds by the beneficiaries will help the economy bounce back.
Finance Minister Ken Ofori-Atta has noted Covid-19 has affected jobs, businesses and all sectors of the economy hence the launch marks the beginning of measures to revive the economy.
He said that government is resolved to ensure SMEs are stable to create jobs in this difficult times in order to protect livelihoods.
Hon. Ofori-Atta has also said government expects growth rate of 1.5% instead of the projected 6.8% before coronavirus.
The funds will be distributed through selected banks under the supervision of the National Board for Small-Scale Industries (NBSSI).
Applications are expected between 20th May and 20th June 2020.