Business News of 2014-07-25

SMIDO’s historic vision secures GH¢10m for project

The Suame Magazine Industrial Development Organization (SMIDO) has taken a historic step by securing GH¢ 10,000,000.00 through private syndication towards transforming Suame Magazine into a top-flight industrial estate.
This follows a compelling vision rolled-out by the organization with diverse corporate financial players to provide services and syndicate financial facilities for the development of suame magazine dubbed: Suame Magazine Industrial Development Fund.
Another stunning accomplishment by the organization is the provision of an ambitious comprehensive private Health Insurance plan dubbed: SMID Health Care which provides an annual Health Insurance cover of GH¢12, 000.00 for all artisan members registered under the SMID Fund.
This was disclosed by the Consultant to SMIDO, Nyaaba - Aweeba Azongo who doubles as the Executive Secretary of the SMID Fund during the press launch of the SMID Fund at the newly designated 1000 acre land site at Kodie- Adubinsu - Kese acquired under the SMID Fund for the Suame Magazine Industrial Development complex project.
According to Azongo, every registered SMID Fund member is entitled to an industrial space & structure, special Health insurance cover, pension and life assurance c, Savings & Investment and access to loans for enterprise development and welfare purposes as a one-product financial arrangement for all artisans.
The SMID Fund arrangement according to the consultant is strictly reserved for artisans and workers within all fitting workshop clusters in Kumasi.
The Consultant also disclosed that arrangements on the 1st phase of the 500 acres of the 1000acre target land has been concluded for the commencement of the industrial complex project and the press launch was to provide evidence to the artisan community to encourage them to register under the SMID Fund to enable them access industrial space within well functional and managed industrial infrastructure facilities.
Mr. Azongo, indicated that the project would be developed in phases for progressive resettlement of the artisans registered under SMID Fund. The 1st- phase of the resettlement scheme is expected to begin by the last quarter of 2015
The President of SMIDO, Mr. Sarpong Boateng called on all artisans to embrace the SMID Fund initiative since that remains the only guarantee to a secured future for the artisans and their families and the security of their trade. The Chairman of United Pension Trustees, the corporate managers of the SMID Fund, Harold Awuah- Darko expressed delight at the success of the partnership and confirmed that the GH¢10 million syndicate facility has been arranged to commence the 1st –phase of the project.
Launching the SMID Fund, the special guest of honour for the occasion, Nana Dr. Appiagyei Dankawoso I, Vice- President, Ghana Chamber of Commerce lauded the SMID Fund initiative as the best financial model for the informal sector and called on all stakeholders to ensure the success of the scheme since the development of Suame magazine and the success of the model is key to the industrialization of the Country.
The event which was chaired by the Akyempimhene of Kumasi, Oheneba Adusei - Poku saw most artisan leaders expressing delight about the success of the project, and was full of commendation for the leadership of SMIDO in resolving the land issue which they contend has been a major challenge for decades.
Source: Seth Krampah
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