Business News of 2014-08-17

EDAIF approves Ghc57.1m to 28 beneficiaries in 2months

The Board of the Export Trade, Agricultural and Industrial Development Fund, in June and July this year, approved Ghc57.1 million in grants and credit in favour of twenty-eight beneficiaries.

The beneficiaries of the above facility comprise 15 smallholder cooperatives and associations, eight companies and five public institutions.

A grant facility of Ghc48.5 million was approved in support of government’s initiatives and interventions in different sectors of the economy.

Major among these was an approval of Ghc21.7 million toward expanding local rice production. Also, a huge step was taken large-scale shea butter cultivation in Northern Ghana with an approval of Ghc3.43 million.

Other activities that received approval were: Ghc6.37 million to support establishment of the Ghana Commodities Exchange; Ghc2.88 million for the cultivation of the kenaf plant by smallholders to serve as raw material for manufacturing of jute sacks in Ghana. Approval was also given for honey production, oil palm processing, fish production and production of organic fertiliser.

EDAIF support for smallholder associations and cooperatives demonstrates government’s commitment to enhancing the productive capacity of small- and medium-scale enterprises.

Two firms will receive a total of Ghc8.4 million in loans to support processing oil palm and the manufacture of footwear.

Source: BFT
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