CIBA launches endowment fund in Koforidua

Koforidua, April 24, GNA - The Council for Indigenous Business Associations (CIBA) on Wednesday launched an endowment fund to raise funds to support its members in Koforidua. Mr Ken-Wood Nuworsu, Deputy Minister for Manpower Development, Youth and Employment (MMDYE), launching the fund asked leadership of CIBA to institute efficient and transparent management system to administer the fund for the benefit of members. He urged them to establish a pension scheme for the benefit of members in their old age.

Mr Nuworsu said Government would soon come out with an apprenticeship programme under the National Youth Employment Programme (NYEP) to train the youth and workshop owners would be paid for their services. Mr Ralph Ameyaw, Executive Secretary of CIBA, said the fund would be based on the "susu collection principle" and contributors would qualify for financial assistance after six months. He said it would be managed by a Board of Trustees, Fund Managers and District Co-ordinators who would ensure that monies collected from members were paid into the appropriate accounts.

Mr Ameyaw said contributions to the fund could also serve as collateral security for contributors to be granted mortgage loans to build houses. Mr S.K. Mensah, Eastern Regional Chairman of CIBA, said though the National Secretariat of CIBA had been assisting members to acquire equipment, the major problem facing them was capital to commence business.