12bC Spent On BAF

Koforidua, Aug. 20, - The government has so far disbursed 12 billion cedis under the Business Assistance Fund (BAF) in line with its determination to support the resuscitation of distressed industries, the minister of Trade and Industry Dr John Frank Abu has announced. Speaking at a meeting with industrailists, artisans and traders in the Koforidua municipality yesterday, he said about 800 million cedis went to beneficiaries in the Eastern Region. Dr Abu, however, expressed regret that the recovery rate of the loans was about 25 per cent and observed that some of the beneficiaries who did not have immediate needs for the money invested in treasury bills but still defaulted in payment. He assured the business community that the government was prepared to support them to enhance their output but many private enterprises were poorly managed and could not survive the competition and the death of the sole proprietor. The Minister rejected accusations that the trade liberalisation policy favoured foreign companies at the expense of local industries saying that while the country was bound by international obligations to open up trade barriers, the government was still committed to support the growth of local industries. Dr Abu criticised local businessmen who were supplied goods on credit by their foreign partners and defaulted in payment and went underground, warning that his ministry would expose them. He called on the regional and district authorities to help promote industrial growth in their areas by avoiding the imposition of multiple tax on industrialists.