Business News of Tuesday, 6 August 2013

Source: Seth Krampah

Suame Magazine to outdoor devt fund

The Suame Magazine Industrial Development Organization (SMIDO) and the United Pension Trustee, UPT of the Vanguard Assurance Group are set to launch the Suame Magazine Industrial Development Fund.

The official launch which has been scheduled for August 13 this will facilitate Land, shop and share ownership by artisans of Kumasi in the SMIDO-Otumfuo Industrial Complex to be established on a 1000acre land at Adubinsu-kese near Kodie about 8 minutes Drive from Suame Magazine.

The initiative is historic because it is a Self-Driven Initiative that has brought high-level Financial Institutions led by the UPT of the Vanguard Group and donor partners’ led by the DANISH Government to support the dream of turning Suame Magazine into a modern industrial estate.

The theme for the upcoming launch is Building a Self-Serving Cluster Financial Regime to establish a modern industrial estate for artisans through Public-Private Partnership and Development Cooperation.

. The Financial Scheme dubbed: SMID Fund, efie ne fie has already paid GH¢500,000.00 through a facility secured for 100 artisans from Suame Magazine, Asafo and Sofoline to grant title to artisans in the new land.

The SMID Fund was developed by SMIDO with the support of the DANIDA-USAID –EU Sponsored BUSAC Fund, and partnership arrangement with United Pension Trustee to bring on board corporate financial players into a common syndicate partnership to provide Land and a One-Stop-Shop financial cover- PENSIONS, INSURANCE, WELFARE and equity share in the 1000 acre SMIDO-Otumfuo Industrial Complex by artisans.

Mr. Sarpong Boateng, The current president of SMIDO in a media briefing in Kumasi called on artisans to refrain from politics, backbiting, divisive tendencies and forge together in unison to ensure that the future of the industry from which they earn their livelihood is safeguarded.

He said it will only take fitters and their Association leaders to develop the fitting industry and not governments. “We cannot by our own actions and inactions destroy our future and expect government to conjure magic to fix it” he stressed.

In the presentation of the Scheme, Mr. Nyaaba-Aweeba Azongo, the consultant to SMIDO explained that the SMID Fund has four components: SMID DATA, SMID LAND, and SMID RING and SMID SPEED that provides a framework for the development of the INDUSTRIAL COMPLEX for the artisans.

SMID data takes a look at the database of artisans and artisan Associations in Kumasi to Facilitate Planning and Development of the SMIDO-OTUMFUO INDUSTRIAL COMPLEX on permanent well-developed industrial lands for the resettlement of the artisans. The Database will also help keep records of artisans to facilitate recognition, identity within Ghana and outside for any business transaction including Governmental and development support.

The SMID Land is the product fund that enables members’ access to well-planned industrial land space and structure for members businesses with identifiable location number.

SMID RING Fund is a One-Stop-Shop financial arrangement with syndicate financial partners’ under the management of United Pension Trustees. The Ring has various Financial products ranging from pensions, Insurance, savings, Susu, investment etc to secure ones financial needs under one umbrella product.

SMID SPEED is a special scheme (Trade Group Business Incubator Investment Scheme) design to host specific trade group arrangements to mobilize capital from members for Investments beginning with a Trade-Group Joint Venture partnership to set the basis for higher industry investment partnerships or the procurement of a central facility for trade groups.

Mr. Azongo, the consultant to SMIDO said this press briefing is to build MEDIA PARTNERSHIP to ensure that the Media adopts the SMID Fund as its Corporate Social Responsibility to lead the crusade to save the fitting industry from collapse by promoting THE SMID FUND to develop SMIDO-OTUMFUO INDUSTRIAL COMPLEX PROJECT to re-settle artisans in Kumasi on a well-planned globally competitive industrial estates.

Mr. Azongo has therefore called on all Associations and artisans to register on the launch date of 13th August, 2013.

A letter sited by Nhiyra fm and written to DANIDA shows that the Regional Coordinating Council has set up a committee to work with DANIDA to provide technical support to the Industrial Complex project .The committee includes the Chief of Adubinsu-kese, the custodian of the Land who represents the Traditional Area and the Asantehene in the committee, and doubles as the project champion for the project

The Managing Director of the UPT when contacted on phone and the chief of Adubinsu-kese, Nana Apeasa II also confirmed that a 1000 acre land is being given out for the project and entreated all artisans not to entertain any doubt but to fully embrace the project to guarantee the future of the fitting industry.