EDAIF urged to consider setting up a bank

The Management of the Export, Trade, Agricultural and Industrial Development Fund (EDAIF), has been urged to consider setting up a bank through which credit facilities could be accessed directly by its clientele.

EDAIF, a strategic fund set up by government to provide financial resources for the development and promotion of export trade, agro-processing and industrial development, has agro-based industries, small and medium-scale enterprises (SMES), forming a chunk of its clientele, and has been giving credit facilities to beneficiaries through Designated Financial Institutions (DFIs) - the traditional banks with 12.5 per cent interest charges.


Nana Baffour Osei Hyeaman Brantuo, the Asantehene’s Mawerehene, who gave the advice, said eliminating the DFI’s will help lower the interest rate, and rope in more beneficiaries as EDAIF lends credit to DFIs at 2.5 per cent, which is passed on to beneficiaries.


The Mawerehene gave the advice when he represented Otumfuo Osei Tutu at the launch of the Kumasi Zonal Office of EDAIF.


The colourful ceremony, held amidst pomp and the outpouring of joy, attracted a huge crowd, comprising farmers, agro-processors, the business community, traditional rulers, Metropolitan, Municipal and District Executives.


The office, serving the Ashanti and Brong-Ahafo Regions, is the second zonal facility to be opened after Tamale, which caters for the three Northern Regions.

Other offices would be launched in the next few months in Ho and Sekondi/Takoradi, to serve the Volta and Western Regions.


Nana Brantuo, who is also a former Board Chairman of EDAIF, said it was refreshing that EDAIF was expanding its client’s base and bringing its


services closer to rural communities for all to benefit.


He lauded the organization for its significant contribution over the past years, these he enumerated as the provision of credit facilities to 26 beneficiaries and 21 others benefitting from its Research, Development and Promotion Facility, totaling GH¢30 million.


Dr Mustapha Ahmed, Minister of Trade and Industry, said his outfit was working through EDAIF to confront challenges bedeviling businesses, such as access to credit, low production capacities, market information, as well as product quality and packaging.

He said opening more offices was not only strategic, but also demonstrated government’s desire to make its services more accessible to people, cut down on cost and time for potential clients of the organization.


Dr Ahmed expressed the hope that the Fund will make its presence felt in the remaining regions in recognition of their economic diversities and potentials.


Dasebre Otuo Serebour, Paramount Chief of Juaben, who chaired the ceremony, urged the Zonal Office staff not to be glued to the office, but take their services and products to the remote areas in a sensitization drive to bring in more beneficiaries.