Make EDAIF relevant to agriculture – Minister

Mr Haruna Iddrisu, Minister for Trade and Industry, on Friday tasked management of the Export Development and Agricultural and Industrial Fund (EDAIF) to adopt transformational measures that would make the Fund more relevant to agricultural sector growth.

The Minister also asked stakeholders to explore plausible ways EDAIF could contribute to the increased growth of the manufacturing sector for further expansion of the economy.

Mr Iddrisu, who said this during a stakeholder forum on the Export Trade, Agriculture and Industrial Development Bill 2013, noted the future of EDAIF was critical to the transformation of the agricultural and the manufacturing sectors.

He said management of the Fund must explore alternative source of funding, beyond the traditional sources, to be able to support agricultural and manufacturing sectors’ growth and development, saying “EDAIF can no longer rely on divesture proceeds.”

The Minister also called on the management of EDAIF to review their lending rates to make it flexible for private businesses venturing the sectors to access.

Nana Owusu Asare, President of AGI, said government needed to take a second look at taxes imposed on imported raw materials, because players in the manufacturing industry were complaining of high cost.

He said most items imported were cheaper, which was affecting expansion of local businesses and creating lopsided competition among players in the industry.

Nana Asare said AGI was not against imposition of taxes, rather, it was seeking “discrimination” in the imposition of taxes on imports, so that raw materials imported could be cheaper for manufacturers.

Source: GNA