Trade Minister asks Ghanaian businesses to form mergers

Ekow Spio-Garbrah - Minister of Trade
Ekow Spio-Garbrah – Minister of Trade

Dr Ekwow Spio – Garbrah, Minister of Trade and Industry, at the weekend reiterated the need for businesses, especially poultry farmers in Dormaa – Ahenkro to register their entities to qualify for assistance from government and financial institutions.

“Financial institutions are willing to give out assistance to individual businesses that have come together to form groups on concessionary rates and not individual companies,” the Minister noted.

He stated that the new wind of change blowing across the business community across the globe promote the consolidation of mergers with the corresponding acquisition of shares, which are required to sustain the deals.

Dr Spio–Garbrah was interacting with representatives of the Dormaa Poultry Farmers Association, traders association, members of the manufacturing industries as part of a day’s working visit to the town.

He stated that the formation mergers were premised on the motive of finding a common ground for doing business.

The Minister expressed his Ministry’s commitment to support and promote local businesses, especially Made in Ghana goods and industries.

He said this was demonstrated by the introduction of interventions such as the Export Development and Agricultural Fund (EDAIF), Ghana Investment Promotion Council, Business Advisory Centre of the National Board for Small Scale Industries.

Dr Spio–Garbrah dismissed assertions that there is a ban on the importation of rice, saying it was the “Ministry’s policy that those commodities including clothes and rice should not allowed to pass through the country’s borders except the ports”.

“This is to ensure there are checks, standards and proper monitoring of goods coming from the ports. Last year we reduced the importation of rice by 40 per cent, while at the same time increased production by 40 per cent,” he added.

Mr Dawonuba Baeka, Chief Director of the Ministry said Dormaa – Ahenkro has been selected by the Ministry to promote the poultry industry due to the important role and enormous potentials it has in ensuring the growth of the industry in the country.

He said the Ministry would hold discussions with the Board of Directors of the EDAIF to find out how the Fund could assist the Dormaa Poultry Farmers Association to set up a meat processing plant in Dormaa – Ahenkro.

Responding to a comment on high interest rates charged by banks on loans for businesses, the Chief Director indicated that the government is in negotiations for Exim Bank to be established in Ghana to deal directly with business concerns with low interest rate rather than with the commercial banks.

Mr Gordon Asubonteng, Municipal Chief Executive, appealed for the establishment of a tomato processing plant in Dormaa–Ahenkro as the town is fast gaining popularity in tomato and maize production.

Source: GNA

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