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19.05.2004 Business & Finance

EDIF disburses 225.2 billion cedis to exporters

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Wa, May 19, GNA - The Export Development and Investment Fund (EDIF) as at the end of April, this year, had disbursed 225. 2 billion cedis under its Credit Facility Account (CFA) to various companies and individuals to finance their export business activities. The Fund also approved total grants of 32. 2 billion cedis as at the end of March this year, for product development and promotion, capacity development and promotion of entrepreneurial activities among other functions.

Mr. John Boakye Addae, Chairman of the Board of Directors of EDIF said this at the launch of the Fund in the Upper West Region at Wa on Monday.

He said the success of EDIF would depend on how beneficiaries utilised the facilities provided by the Fund, which had the main objective of boosting export trade to increase the country's export earnings.

According to him, a recent review of EDIF's operations since it started in July 2001 showed that business establishments located in the region were yet to access the Fund.

Mr. Addae attributed this situation to either the lack of awareness among the establishments or their failure to seek the Fund's support. EDIF Board therefore decided to formally launch its operations in each of the 10 regions to increase awareness of its nature and objectives and the facilities that it provided, he said.

He urged members of the business community in the region who qualified to take advantage of the opportunities offered by EDIF. Launching the Fund, Mr. Sahanun Mogtari, Upper West Regional Minister, appealed to officials of EDIF to relax their conditionalities for accessing the Fund for the benefit of business operators in deprived areas like the Upper West Region.

He urged businessmen and women in the region to seek more information on the Fund and access it to undertake ventures that would break the cycle of poverty in the area.

"We cannot continue to lament on our poverty status when such opportunities are available to us."

The region, he noted, had great potential in agro business and the people must take advantage of it by diversifying from trading, contract works and transport business, which together could not lead to rapid progress.