Ghana banks asked to support local entrepreneurs

A businessman on Tuesday appealed to financial institutions to support the development of the country’s tourism potentials by providing long-term credit to entrepreneurs with viable projects to create jobs for the youth.

Mr. Richard Ofori, Chief Executive Officer, Royal Richester Hotel, told a press briefing in Accra that failure by financial institutions, especially the banks, to support viable initiatives was stalling efforts of entrepreneurs to execute their projects.

“I came to Ghana after many years in the United States to establish an international amusement park for Ghana but lack of financial support from banks has left the project still on the drawing board,” he said.

Mr. Ofori said the country’s quest to become the tourism hub of West Africa could only be achieved if the banks were able to assist players in the sector. He said although he had put up a hotel, the Royal Richester, which has been in operation for the past seven months his dream of setting up an amusement park for which land had been secured at Katamanso was still a major priority to him.

He said the $5 million three-star hotel was built as part of his efforts at contributing to the development of the tourism sector and to create employment for Ghanaians.

Mr. Ofori said although the government had provided incentives for companies such as exemption from paying taxes on equipment imported for the tourism sector, the long process of getting clearance from the Ghana Investment Promotion Centre and CEPS was making it difficult for the players as they end up incurring high demurrage costs.

Source: GNA