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Business News of Thursday, 1 September 2005

Source: GNA

Small medium scale enterprises to access 100 billion BUSAC Fund

Accra, Sept. 1, GNA - A 100 billion-cedi Business Sector Advocacy Challenge (BUSAC) Fund set up last year to support the private sector begins its second disbursement of grants in November 2005. Danish International Development Agency (DANIDA), British Department for International Development (DFID) and United States Agency for International development (USAID) would provide grants to applicants, who are identified with associations of small and medium scale enterprises with the aim of ironing out through advocacy, the hindrances in doing business.

Briefing journalists at a press soiree on Thursday in Accra, the Fund Manager, Mr Jean-Luc Aldorf said the second phase of the project would reach about 1,500 applicants in all the 10 regions. He said the first phase met the needs of 44 advocacy actions to the tune of eight billion cedis in three regions - Greater Accra, Ashanti and Brong Ahafo.

Mr Aldorf said the role of the private sector in every economy could not be over emphasised noting that advocacy actions that would target other sectors like the banking sector to improve the image of the private sector was crucial.

He said there should be an effective dialogue between the public administration and the business sectors since the public sector had a limited understanding about the need of the private.

Mr Aldorf also called on private business associations to establish effective linkages with the key sectors such as the media, traditional authorities, labour organisations, informal sector and the general public for improved services.