$80 Million Credit Facility For Ghanaian Companies

The government has directed the immediate release of 8.8 million dollars for the establishment of credit schemes for 300 Ghanaian companies participating in the President's Special Initiative on Garments.

Vice President Aliu Mahama, who announced this on Saturday, said the government had also made available 1.18 million dollars for the outright purchase of Volta Garment Limited. The company would be upgraded to a world-class clothing technology centre to train managers and operators of the garment industry.

Vice President Mahama was speaking at the fourth Ghana Textiles Printing (GTP) Waxstyle Festival, in Accra.

Isaac Donkor, a fashion designer of Cape Coast, was adjudged the

best of six national finalists and received a return trip ticket to Nairobi, Kenya, and 1000 euros spending money at the festival.

GTP also donated 40 million cedis, a quarter of which was proceeds from the event, to the GETfund to support the development of education.

Vice President Mahama reiterated the government's commitment to developing the garment industry to create 100,000 jobs, increase national export earnings and to preserve the Ghanaian identity and positive cultural values. "A major equipment and fabrics sourcing programme has also been initiated to identify and procure equipment for retooling of the companies," he said.

Vice President Mahama said the government had released 178 acres of land within the Tema Export Free Zone for the development of a Garment Village. He urged Ghanaians, particularly leaders and Vice Ministers of State to patronise garments made in Ghana to promote the industry at home and abroad.

Vice President Mahama said: "I expect our ministers and leaders to wear made in Ghana garments for official duties and whenever we travel overseas. He asked the people to proudly exhibit to the whole world the country's brand of clothing to help expand the market for made in Ghana goods.

Vice President Mahama commended the GTP for assisting fashion designers and tailors to develop their talents and urged other companies to assist young entrepreneurs to become successful.

Mr Gilles Moisan, Managing Director of GTP, said the Company considers education as critical to progress and, therefore, spends about 1.5 billion cedis annually on training programmes for employees and scholarships for their wards. He expressed regret that the company's sales on the local market for 2002 had declined to the level of that of 1998 because of unfavourable economic conditions. Mr Moisan, however, said the company made some progress on the West African market, by selling four million yards of fabrics in the sub-region.

He said GTP is poised to play an active part in the creation of the Golden Age of Business, declared by the government.