Support Local Contractors–Veep

VICE PRESIDENT Aliu Mahama has appealed to the International Finance Corporation (IFC) to help expand the capacity of local contractors, especially those who lacked equipment to operate.

He entreated the IFC to provide direct support to entrepreneurs engaged in stone-quarrying to help expand their production levels.

Making the call on Wednesday when he met Lars H. Thunell, Executive Vice President of IFC in Accra, Alhaji Aliu Mahama lauded IFC for its decision to support Ghana's energy sector, as well as help the Social Security and National Insurance Trust (SSNIT) to provide more housing units for workers.

The meeting, attended by Hon Kwadwo Baah Wiredu, Finance Minister and Mr Alan Kyeremanten, Minister of Trade and PSI, focused on areas of cooperation in the energy and education sectors as well as access to credit by the Small and Medium-Scale Enterprises (SMEs).

The IFC, the private sector arm of the World Bank Group, has expressed commitment to expansion works at the Takoradi Thermal Power Plant, Ghana's Private School Support Programme and support for SMEs.

The Vice President disclosed that Government was trying to end disagreements with CMS Energy, 90 percent shareholder of the Thermal Plant, to facilitate the progress of the project.

He however queried the inflexible nature of the commercial banks to provide support for the growth of SMEs.

Mr Thunell suggested the need for Ghanaian banks to update their operations to improve access to credit.

He praised Ghana for championing the decentralisation of decision-making as regards the SMEs, which he said was crucial to their growth. IFC is currently supporting 144,000 SMEs in Africa.

“IFC will like to work on the long and short term support of the energy sector,” Mr Thunell assured.

Mr Kyeremanten said stabilisation and growth of SMEs, which constitute about 96 percent of business in Ghana, was dear to the government and solicited IFC's support especially concerning the flow of credit.

He expressed the need for innovative means of supporting the SMEs such as the establishment of special banks to deal with stakeholders.

Hon Baah Wiredu appealed for IFC support for private tertiary institutions to boost the country's human resource drive.

Mr Thunell, who is leading a four-member team to West Africa, visits Liberia today.
Already he has been to Nigeria.