Apraku meets businessmen

The Minister of Trade and Industry, Dr Kofi Konadu Apraku on Friday said the Export Development and Investment Fund (EDIF) law would be amended if the banks continued to channel funds to only well-established firms.

He said the current trend where only big companies benefited from the facility from the banks was defeating government's aim to provide equal opportunity to the big companies as well as small and medium scale firms to build the necessary capacity to be able to compete on the international markets.

The government would study the current allocation patterns to enable it to make an informed decision, Dr Apraku said in an address to the business community on the various schemes that the government had put in place in support of companies.

The resources included the EDIF, the Ghana Investment Fund and the Loan Guarantee Scheme.Dr. Apraku explained that the EDIF fund was not meant for only exporters but also for those who were developing products for the export market.

He said he was unhappy about the slow response of the business community to the facilities, adding that the government was ready to help companies that were willing to access the funds. The Minister told the businessmen that the law to back the Loan Guarantee Scheme, which would serve as a venture fund capital would be passed before the end of the year.

Dr Apraku also said a 100 million-dollar fund, which is being managed by the African Development Bank would be channelled through local banks for on lending to companies. He expressed the hope that the banks in the country would take advantage of the offer.