Committee to review EDAIF inaugurated

The Trade and Industry Minister, Haruna Iddrisu on Tuesday inaugurated a nine-member committee to review the Export Development and Agricultural Investment Fund (EDAIF) Act to make it more responsive to the needs of the private sector.

The Minister said it had become necessary to revisit the law after 12 years of operation to ensure that it reflected current needs of the private sector, especially the manufacturing industry.

The committee will review, fine-tuned and re-align the ACT to make it robust and strong in addressing the challenges of the private sector.

They will also look at the source of funding for the fund, which is the 0.5 percent contribution of imports with the view of upward adjustment.

The EDAIF Act 2011 (Act 823) replaced the Export Development and Investment Fund (EDIF) enacted by Act 582 in 2000 to provide financial resources for the development and promotion of the export trade of Ghana.

Act 582 was amended for Act 823 “to include the provision of financial resources for the development and promotion of agriculture relating to agro-processing and agro-processing industry”.

Mr Iddrisu said trends had changed overtime and the Fund needed to current with situations and need of the private sector, especially in reversing the declining fortunes and contribution of the manufacturing sector to the country’s Gross Domestic Product.

The committee has two months to present its report.

Mr Tony Oteng-Gyasi , Chairman of the Committee, said the members would examine the strength and weaknesses of the ACT, following 12 years of implementation and assured of their commitment to accomplish the task.

Source: GNA