Musicians to benefit from CIB

The Ghana Association of Phonographic Industry (GAPI), made up of music producers, would soon introduce a business module called the Copyright Investment Bank Module to musicians in the country.

This positive development has come about as a result of an advocacy action for seeking long-term financing for the Ghana music industry with funding from the Business Sector Advocacy Initiative (BUSAC) secretariat.

In a press release, the General Secretary of GAPI, Francis Mensah Twum stated that his outfit had already received some seed money for the take-off of the Copyright Investment Bank (CIB).

According to him, with the establishment of CIB in the country, 200 selected musicians would benefit from micro credit facilities to improve on their musical works.

BUSAC, he said, had given a grant of ¢63.453 million to commence an Advocacy Initiative to promote Ghana’s music industry.

In a report titled “Ghana’s Music Industry - Support for the Extension of Long Term Financing”, it was stated that the cardinal objective of the CIB was to provide long-term financing to enable artistes produce music without handing over their Intellectual Property Rights (IPR).

He said for each song the artiste would be provided with at least €1,000 to cover the full production cost including hiring of studio, backing musicians, technicians, services for cover arts, license for electronic clearing and web.