Ghana Cares Guarantee Scheme

Ghana Care Guarantee Scheme (GCGS) is a direct policy intervention by the government of Ghana to sustain businesses after the COVID 19 pandemic and ensure there is adequate financing available for businesses.

The Scheme is administered through GIRSAL, who in partnership with financial institutions, provides support to private medium and large businesses in Ghana. The Ghana Cares Guarantee Scheme was launched on October 6, 2020.

The two – year scheme successfully concluded in December 2022.

Participating Financial Institutions

The Scheme is designed to:

Support existing businesses which have been adversely affected by the COVID-19 pandemic.
Support businesses which have identified new business opportunities as a result of the pandemic
Facilities guaranteed under the scheme shall have a maximum duration of 60 months with a 12-month moratorium period
Guarantee a single facility (per entity) from participating financial institutions, with a maximum guarantee cover of 70% of loan value or a maximum guarantee amount of GH¢15 million.

GCGS has achieved
the following

Updated: May 30, 2022

Participating Financial Institutions

Value of Guarantees
Issued

GHS 27.3 M

Jobs Safeguarded

1309

Eligibility Criteria

The Facility will focus mainly on medium to large businesses.
Typically, the business annual turnover should exceed GHS 10 million or it should employ more than 100 workers.
Businesses should be in good standing regarding obligations to the Ghana Revenue Authority (GRA) and to SSNIT as at 31st December 2019.
Businesses to have updated all necessary regulatory obligations as at September 30, 2020.

Application Process

Apply for a loan through your existing financial institution (FI).
Banks/FI will undertake the credit appraisal.
Banks/FI will submit the credit guarantee request to GCGS if they are willing to lend.
GCGS assesses the credit guarantee request.
Credit guarantee recommendation goes to the GIRSAL board sub-committee for approval.
Credit guarantee decisions are communicated to the Bank/FI, and through Bank/FI to the customer.
Bank/FI provides an offer letter to business if credit guarantee is approved.
Payment of GCGS application fee of 1% of the guarantee value.

Results