EDAIF drafts new proposed bill

The Export Development and Agricultural Investment Fund (EDAIF), has drafted a new proposed bill, aimed at making the organization economically competitive and responsive to the needs of the agricultural and industrial sectors of Ghana.

The proposed bill also seeks to improve  accessibility and utilization of the Fund and build a manufacturing sector for sustainable export-led economic growth.

Mr Haruna Iddrisu, the Minister of Trade and Industry announced these in Tamale on Thursday during a consultative forum.

He said the bill would introduce industrial development, public-private partnership and increase the levy of export commodities from 0.5 per cent to 0.75 per cent.

Mr Iddrisu said the policy objective of the new bill was to create the enabling environment for businesses to strive through the provision of adequate resources for micro-enterprises to grow.

“I cannot see why EDAIF cannot support the agricultural sector through irrigation facilities to grow….through the review; EDAIF will get enough money to expand other sectors of the economy”.

Mr Iddrisu said the review was in conformity with the ideals of the President, stressing that Parliament would not hesitate to pass the draft bill when put before it.

According to the Minister, who is also the Member of Parliament for the Tamale South Constituency, a committee would soon complete the drafting of the bill.

Mr Iddrisu said that Ghana imports in excess 300 million dollars of poultry, a situation that could have been prevented if EDAIF had supported the country’s poultry industry to grow.

He said that Ghana stood the chance of producing adequate poultry for local consumption and for export.

Participants at the forum expressed worry about the undue delay that applicants go through before receiving loans and credit facilities from EDAIF, and called for modalities to ensure that loans were acquired quickly, to promote businesses.

Source: GNA