The Association of Ghana Industries (AGI) will later this year launch its industrial fund aimed at providing long to medium term financing at relatively cheaper rates to businesses.
The setting up of the fund is coming at a time when most Small and Medium Enterprises find it difficult accessing credit from financial institutions.
CEO of AGI, Seth Twum Akwaaboah, told Starr Business, a seed capital has been set aside for the establishment of the fund, but more funds would be sourced both locally and internationally.
“We are looking at sources that are relatively cheaper because we don’t want it to be one of the normal funds. We have engaged some consultants who are talking to various financial partners both foreign and local… who can give technical financial support. For example if there is a grant to support technical operations of companies we can engage consultants to help them. It is all part of the funding,” he said.
The Industrial fund will pave the way for the establishment of a bank by AGI; a proposal is currently being reviewed by the Central Bank. Mr Akwaaboah believes, if the fund takes off well, it will provide a solid backing for the bank it intends establishing.
