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Veep lobbies IFC to support SMEs
Accra, Jan. 31, GNA - Mr Lars H. Thunell, Executive Vice
President of the International Finance Corporation, (IFC),
on Wednesday met with Vice President Alhaji Aliu Mahama, in
Accra, to brainstorm on how to streamline the IFC’s
operations in Ghana.
The meeting, which was attended by Finance Minister, Mr
Kwadwo Baah Wiredu and Minister of Trade and PSI, Mr Alan
Kyeremanteng, focused on areas of cooperation in the energy
and education sectors as well as access to credit by the
Small and Medium Enterprises (SMEs).
The IFC, which is the private sector arm of the World Bank
Group, has expressed commitment to expansion works at the
Takoradi Thermal Power Plant, Ghana's Private School Support
Programme and support for SMEs.
Vice President Mahama lauded IFC for giving assurance to
support Ghana's energy sector, disclosing that government
was trying to end disagreements with CMS Energy, the 90
shareholders of the Thermal Plant over figures to facilitate
the progress of the project.
He also expressed happiness that the international financial
body was assisting the Social Security and National
Insurance Trust (SSNIT) to provide more housing units for
workers.
Vice President Mahama appealed to the IFC authorities to
help expand the capacity of local contractors, many of who
lacked equipment to operate.
The IFC he said should provide direct support to
entrepreneurs engaged in stone quarrying to help expand
their production levels and queried the inflexible nature of
the commercial banks to provide support for the SMEs to
grow.
Mr Thunell suggested the need for Ghanaian banks to update
their operations to improve assess to credit.
He praised Ghana for championing the decentralisation of
decision-making involving the SMEs, which he said was
crucial to their growth. IFC is currently supporting 144,000
SMEs in Africa.
"IFC will like to work on the long and short term support of
the energy sector," Mr Thunell assured.
Mr Kyeremanteng said
stabilisation and growth of SMEs, which constitute about 96
per cent of business in Ghana, was dear to the government
and solicited IFC support especially the flow of credit.
He expressed the need for innovative means of supporting the
SMEs such as the establishment of special banks to deal with
stakeholders.
Mr Baah Wiredu appealed for IFC support for private tertiary
institutions to boost the country's human resource drive.
Mr Thunell, who is leading a
four-member team to West Africa, would visit Liberia on
Friday, February 1, 2007. He has already visited Nigeria.
GNA
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