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Business News of Wednesday, 11 July 2018

Source: thebftonline.com

GEA wants government partnership for 1D1F implementation

The Ghana Employers Association (GEA) has called on government to involve its members in the implementation of its flagship One District One Factory initiative.

It said its large membership base, all engaged in medium and large-scale businesses in the private sector, are poised to partner government to significantly impact on the successful implementation of the programme – which is essentially private sector-driven.

Mr. Amponsah Koduah, Chairman of the Ashanti Regional Advisory Committee of the Association who made the call, was speaking at the 2nd CEO Breakfast Meeting held for members in the Ashanti Region in Kumasi.

The meeting, which was attended by the Minister for Business Development, Dr. Mohammed Awal, was to discuss pertinent issues affecting their businesses.

Mr. Amponsah said the members need a strong capital base to expand their businesses and hence called on government to urgently set up a fund purposely to serve as a source of capital for manufacturers and employers at a minimal interest rate.

He said high interest rates and delay in accessing funds from the traditional banks are adversely affecting their businesses, as most employers are often left with nothing to cater for other expenses after paying their loans.

According to him, it takes a minimum of three months for their members to access loans needed urgently to sustain and grow their businesses, adding that the demand for all kinds of collateral by banks is frustrating.

He hailed the Planting for Food and Jobs Programme, saying it is a good intervention that will guarantee an adequate supply of maize and soya beans for the poultry industry.

Dr. Mohammed Awal, the Business Development Minister, said the private sector has a significant role to play in government’s quest to revive the economy.

He said interest rates, inflation and other indicators stifling businesses continue to drop, and pledged government’s commitment to introducing business-friendly interventions to grow the private sector.

He challenged members of the GEA to put in place succession-plans for their businesses to ensure continuity even after their exit.