EDAIF Act to be reviewed

The Export Development and Agricultural Investment Fund (EDAIF) Act is to be reviewed with new proposals made to give powers to the fund to enable it disburse monies direct from the funds secretariats to beneficiaries rather than passing it through the banks.

The acting Director of Communications and Public Affairs at the Ministry, Nana Akrasi Sarpong revealed this at the press launch of the maiden West Africa Business Expo in Accra last week. He said, the Ministry of Trade has finished with the draft document and it will be laid in Parliament next week for deliberation and approval to replace the existing act.

The fund gives financial support to local exporters and farmers to enable them expand their investments and also have access to the international market.

He mentioned that, expos remain a key meeting point for the business community to meet, share innovations and make progress on issues affecting their businesses. This he said help visitors explore and discover business opportunities for economic development the Ministry of Trade is happy to associate itself with such events.

Nana Akrasi Sarpong said “today we have business owners who are better informed and educated to run their businesses effectively” adding that the Ministry has worked hard in creating the enabling environment and implementing sound policies such as the Trade Sector Support Programme, the Private Sector Development Strategies, and the Industrial Sector Support Programme for businesses to grow.

The West Africa Business Expo 2013 is scheduled to take place on the 5th and 6th of September and will draw participants from the public sector, private sector and non-governmental organisations to share ideas and solutions to some of the challenges businesses in the sub region faces and as well create opportunities to new investors.

The idea which was created by the Harriet Adabla of Hak Solutions mentioned that it has been a challenge to organize such an event but has not relented on their effort to make it a fruitful event which will come to stay.

The annual event will come with conferences, workshops and exhibitions. Also, will be business plan clinics and other business support assistance from the Registrar General Department, Ghana Revenue Authority, SSNIT, banks and Venture Capital Funds.