Kumasi supports small businesses with credit

Small businesses with employment generation potentials in Kumasi are being supported with medium term credit facilities by the Metropolitan Assembly.

Growth oriented enterprises can access loans between one thousand and 10 thousand Ghana cedis at a 25 percent interest rate for a three-year period.

The scheme is under the Urban Small Scale Enterprise Development component of the Urban Poverty Reduction Project. It is aimed at empowering the informal sector through training and financial assistance.

The Metropolitan Chief Executive, Samuel Sarpong in his 2010 sessional address to the Assembly, said 300 businesses have been registered for support.

Mr. Sarpong announced the assembly’s new medium term development plan being prepared to guide the city’s development process. “So far, a Plan Preparation Team has been put in place and the performance of the previous plan has been reviewed. The team is currently reviewing the profile of the metropolis so as to assess our current state of development and where we want to be by 2013.

“Proposals have been made to procure a consultant to prepare a strategic plan for the city of Kumasi. This will become a blueprint to guide the growth and development of Kumasi in all sectors” the Kumasi City Mayor stated.

KMA’s policy implementation for 2010 also include the development of the Krofrom and Asafo markets, urban transport project, extension of pay-parking system to other parts of the central business district and the development of a site for second-hand vehicle dealers.

Mr. Sarpong described as encouraging the KMA’s financial performance in 2009, with the achievement of 81 percent of targeted revenue.

The assembly would be improving upon its revenue base through the implementation of the business operation permit, mopping up of property rate arrears and computerization of systems for enhanced service delivery.

The Assembly expects to generate 22.2 million Ghana cedis internally in 2010.

By Kofi Adu Domfeh