Ghanaian musicians sign MOU to establish bank

The Ghana Association of Phonographic Industries (GAPI) has signed a Memorandum of Understanding (MOU) with Add Pages, an Internet Service provider in Norway, to establish a bank in Ghana to support the music industry.

The proposed bank, to be known as the Copyright Investment Bank, will serve as a security and guarantee for musicians, producers and other stakeholders in the music industry to access credit facilities to support and expand their intellectual works.

Mr John Mensah Sarpong, National President of GAPI, told the Ghana News Agency in Kumasi that a delegation from the Norwegian company will visit Ghana in November to finalise the deal to begin the process for the establishment of the bank.

He said in addition to the establishment of the bank, the company would also provide computer software that would help monitor music played in every corner of the country to ensure that users were identified and made to pay the appropriate royalties to owners.

The deal will also offer opportunity to Ghanaian musicians to collaborate with their counterparts in Europe in music production and online marketing of Ghanaian music to the outside world.

Mr Sarpong said the agreement was a breakthrough for the Ghanaian music industry because it offered opportunities not only for musicians and producers to receive appropriate compensation for their works but would also help to project the Ghanaian music and identity to the outside world.

Mr Francis Mensah Twum, Secretary of GAPI, said the various associations in the music industry would be expected to buy a block share as their contribution to the establishment of the bank while individual members would also have the option to buy shares.

He advised members to register their music works to ensure effective monitoring and payment of royalties.