Group seeks GH¢10m investment fund for Ghana’s creative industry

The Ghana Association of Phonographic Industry (GAPI) is demanding a seed capital of GH¢10 million from the Government to be set aside as copyright investment fund to support the growth and the development of the creative industry.

Mr Yaw Oxbon, Deputy Coordinator of GAPI said the seed money would culminate into a bank that would give long term loans with low interest rates  to people in the industry to ensure the accessibility of funds to members.

He said the music and film industry was on its knees because many producers and musicians do not have the collateral for loans.

Mr Oxbon was speaking at an advocacy training workshop in Tamale on Friday for the music and creative industry organised by GAPI and sponsored by BUSAC on the theme; “Lack of access to long term financing-copyright investment fund as a solution.

He said a proposal document would soon be presented to the Government for consideration.

Mr Oxbon said government had this year allocated GH¢2 million for the capacity building of persons in the industry and it would therefore not be out of place for it to support such a noble course.

He said the creative industry in the country stood a chance of reaching a higher pedestal should the government support it, saying that strategic investors and stakeholders were ready to contribute to the fund.

Mr Bics Osei Kuffour, President of the MUSIGA in a speech read on his behalf said it was very challenging for most musicians to secure cheaper or any form of concessionary funds to support their music.

He said weak institutional framework for the development of creative industry, feeble enforcement of copyright laws, uneven marching of technology as some of the militating factors against musicians.

He called for the smooth operation of anti-piracy monitoring team and a copyright tribunal to arbitrate all concerns on copyright related infringements.

Source: GNA