Go for EDAIF loan - MOTI urges entrepreneurs

Nana Akrasi Sarpong, acting Director of Communications and Public Affairs, Ministry of Trade and Industry (MOTI), on Tuesday urged entrepreneurs to take advantage of the Export Development and Agricultural Investment Fund (EDAIF).

He said the Fund had not been utilized following its amendment two years ago to provide financial assistance to people in agro processing and agro development.

Nana Akrasi Sarpong said this at the second series of MOTI’s “planned regional programme” to create awareness about the Ministry’s policies, programmes, activities and achievements over the years.

He said there was so much money for entrepreneurs to access at very low interests; they were going for high interest commercial loans, accounting for the slow growth of SMEs in the country.

Nana Akrasi Sarpong attributed lack of patronage of the EDAIF facility to the lack of access to information and advised entrepreneurs to seek information regularly in order to survive in the market.

Investigations by the Ghana News Agency (GNA) in Ho revealed that a number of small businesses and enterprises in Ho have been closed because their owners were unable to pay loans they contracted from some banks and microfinance companies.

Mr Justice Agbenyo, a senior apprentice at a popular electrical shop in Ho which has been closed down, told the GNA that the shop was closed because his master could not pay loans he contracted.

Agbenyo said he was now using the frontage of his master’s shop for some part time jobs while working to open his own shop.

A couple of retail shops have also been closed down for non-payment of loans. Mr Francis Kusi, Project Coordinator, Micro, Small and Medium Scale Enterprises (MSMEs) said two enterprises from the Volta Region registered with his outfit and were benefiting from EDAIF.

He said in view of the Region’s strategic location, more of its SMEs ought to take advantage of the Fund.

Nii Lante Vanderpuye, Deputy Minister for Trade and Industry, said he was amazed by the innovative agro processing tools, agro products and crafts exhibited at the forum and expressed the hope that with financial assistance, trade and industry could transform the local economy.