Government to set up investment fund

The government has reiterated its intention to establish a Ghana Investment Fund (GIF) to provide Ghanaian firms with long-term credit facilities, Mr Akwasi Osei-Adjei, Deputy Minister of Trade and Industry announced on Wednesday.

He said this is intended to help the firms take advantage of new technological development and related expertise in the accelerated transformation and expansion of the country's industrial horizon.

In a speech read for him at the inauguration of the Association of Micro and Small-scale Industries of Winneba (AMSSIW) he said the government has also thrown a challenge to the banks and other financial institutions to develop concrete ways to help secure funds for innovation. This goes for such areas as technology development and adoption, development of new products and service as well as productivity enhancing activities.

Mr Osei-Adjei said government will also promote the establishment of a technologies information network involving the universities, research institutions, industrial associations and key government agencies to collect and collate information on technology and related services from around the world and make it easily available to industry.

He said in this regard one of the main strategies as pertains to industry would be to develop or adopt the type of technologies that are appropriate to the human and material resource base of the economy.

This will not mean a mere transfer of most modern technological processes available, but the adoption of the type of technology that would ensure optimum use of national resources as well as a national distribution of production units.

Mr Osei-Adjei expressed the hope that these areas would be the central concern of members of the new association so that they would give attention to financial assistance, information and training facilities that will enable small scale operators to increase their technical and management capabilities.

He said the inauguration of the association was a clear demonstration of the increasing awareness among members of the group on the need to engage in regular dialogue and consultation as a way of fostering better understanding of each other's role in their bid to develop the small scale sector.

Mr Osei-Adjei expressed optimism that the association would bring together a high calibre of people from different professional backgrounds to enable members to tap their expertise to complement the government's own effort in promoting the micro and small scale sector.

He called for the co-operation of the association to enable the ministry to attain its objective in the shortest time possible saying, "My ministry will welcome contributions from members of AMSSIW to help in addressing the problems facing the sector".

Mr Richard Ekem, chairman of the association said the Central Region has been rated among the poorest regions in the country, with industrial set up of 1.5 per cent.

He stressed the determination of the association to raise the level of the industrial sector in the region, saying however, that this would depend on the sort of financial support banking and other financial institutions would extend to it.

Mr Isaac Edumadze, Central Regional Minister and chairman for the function advised leaders of the association to ensure transparency in their work.

They should also keep proper record of its financial operations and team up with CEDECOM for a reliable industrial data to enhance their business.

Neenyi Ghartey VII, Omanhene of the Effutu Traditional Area challenged the association to revive the industrial spirit of the area.

He advised against the tendency to involve the association in chieftaincy activities.