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24.11.2005 Business & Finance

Private sector associations get funding

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Accra, Nov. 24, GNA - Five private sector associations on Thursday received grants totalling more than 11.6 billion cedis from the Business Sector Advocacy Challenge (BUSAC) Fund for advocacy work in private sector development.

The five associations are the Ghana Independent Broadcasters Association (347 million cedis), Brong Ahafo Blacksmiths Association (276 million cedis), Eastern Region Chapter of the Ghana Trades Union Congress (240 million cedis) Car Rentals Association of Ghana (80 million cedis) and Ghana National Inshore Fisheries (223 million cedis). They formed part of the 28 that qualified out of 142 applications. Mr Kofi Atua-Ntow of the Communication and Media Section of the BUSAC Fund, said the Fund had disbursed a total of 13 billion cedis from the 100 billion cedis lodged into the Fund.

There have been 250 applications to the demand driven Fund, out of which a total of 72 have so far qualified.

The Fund, launched 15 months ago, is expected to close in June 2006, but would be renewed thereafter to enable private associations access it for advocacy and private sector development. Mr Kwamena Bartels, Minister of Private Sector Development, expressed delight at the mix of private sector associations availing themselves of the grants available for advocacy actions. He urged private associations in Ghana to advocate the growth and expansion of the private sector.