Government Loans to young venturers - Ghana
On 6th Sept 2006, President Kuffuor launched the Micro-Credit and small loans fund in Accra. This fund is worth $50 million and beneficiaries, mostly to be young entrepreneurs were asked not to view this golden opportunity as a 'gift' from the government.
The President of Ghana asked people not to regard the scheme as compensation due to any community for disparities in rural and urban economic development. He stressed at a state meeting that the government expects full repayment of this loan so that other future applicants may be able to enjoy this facility.
The fund is expected to be disbursed to people engaged in all production ventures such as fishing, fishmongering, farming, hair dressing, dress making and mechanics to boost job creation and wealth as well as reducing poverty for the nation.
The fund attracts a minimal interest of 10% per annum and micro-credit operators would source credits for the fund from a minimum of 250 000 cedis to a maximum of 10 million cedis. Small scale operators can obtain funds from 11 million to 150 million cedis, or approximately 9000 british pounds.
The ruling party of the NPP headed by Mr Kuffour has already disbursed 230 billion cedis to over 150000 borrowers from micro-credit schemes since 2001 and 2002.
Creditors and loan companies are expected to participate in this excecution of the process to new business people earlier mentioned.
Meanwhile, the Minister for Women and Childrens affairs (MOWAC), Haija Alima Mahama, expressed gratitiude on behalf of all women in Ghana to the government for instituting the Women Development Fund.
Since the establishment of this fund, a total of 124 million cedis has been loaned to more than 200,000 women in Ghana.
She also mentioned in the same meeting that funds amounting to 7 billion cedis have already been made available to fishmongers and 600 out board motors amounting to 14 billion cedis to fishermen particularly south of the country.
All efforts, according to the government are being made to reduce poverty and improve the quality of life of all ordinary Ghanaians alike.
However, since arriving in the country in May 2006 after a brief business trip in London, I have found money very scarce to find and more and more beggars on the street. More people seem to opting for the easy life of crime, swindling and prostitution. However, business still continues to boom in the private sector.
Petrol price increases have definitely not helped and currently stands at 40,500 cedis a gallon of leaded fuel. Prices of food and essential commodities are still expensive.
This main concern is the fund of $50 million goes to the right people to help improve standards of living. Very often, few people benefit from such initiatives because for a working population of at least 8 - 10 million, less than 1% benefit at all.
At least, its a start!!!
Ghana property sector continues to grow but affordability and very difficult to find. Rentals are even more difficult as few Ghanaians can afford the prices. Low mortgages with long payment years will be a very lucrative sector in the future.
Please link to www.cedez.com for future information on Ghana property, travel and tours and every day living tips in the sun kissed and fertile land of Ghana.
The President of Ghana asked people not to regard the scheme as compensation due to any community for disparities in rural and urban economic development. He stressed at a state meeting that the government expects full repayment of this loan so that other future applicants may be able to enjoy this facility.
The fund is expected to be disbursed to people engaged in all production ventures such as fishing, fishmongering, farming, hair dressing, dress making and mechanics to boost job creation and wealth as well as reducing poverty for the nation.
The fund attracts a minimal interest of 10% per annum and micro-credit operators would source credits for the fund from a minimum of 250 000 cedis to a maximum of 10 million cedis. Small scale operators can obtain funds from 11 million to 150 million cedis, or approximately 9000 british pounds.
The ruling party of the NPP headed by Mr Kuffour has already disbursed 230 billion cedis to over 150000 borrowers from micro-credit schemes since 2001 and 2002.
Creditors and loan companies are expected to participate in this excecution of the process to new business people earlier mentioned.
Meanwhile, the Minister for Women and Childrens affairs (MOWAC), Haija Alima Mahama, expressed gratitiude on behalf of all women in Ghana to the government for instituting the Women Development Fund.
Since the establishment of this fund, a total of 124 million cedis has been loaned to more than 200,000 women in Ghana.
She also mentioned in the same meeting that funds amounting to 7 billion cedis have already been made available to fishmongers and 600 out board motors amounting to 14 billion cedis to fishermen particularly south of the country.
All efforts, according to the government are being made to reduce poverty and improve the quality of life of all ordinary Ghanaians alike.
However, since arriving in the country in May 2006 after a brief business trip in London, I have found money very scarce to find and more and more beggars on the street. More people seem to opting for the easy life of crime, swindling and prostitution. However, business still continues to boom in the private sector.
Petrol price increases have definitely not helped and currently stands at 40,500 cedis a gallon of leaded fuel. Prices of food and essential commodities are still expensive.
This main concern is the fund of $50 million goes to the right people to help improve standards of living. Very often, few people benefit from such initiatives because for a working population of at least 8 - 10 million, less than 1% benefit at all.
At least, its a start!!!
Ghana property sector continues to grow but affordability and very difficult to find. Rentals are even more difficult as few Ghanaians can afford the prices. Low mortgages with long payment years will be a very lucrative sector in the future.
Please link to www.cedez.com for future information on Ghana property, travel and tours and every day living tips in the sun kissed and fertile land of Ghana.
posted by cprah at 5:00 pm
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