Business News of Tuesday, 2 April 2013
Minister of Trade Haruna Iddrisu has inaugurated a 10-member committee to comprehensively review the legal framework regulating the Export Development and Agricultural Investment Fund (EDAIF) to meet the current demands of the private sector.
The committee will also re-examine the performance of the fund after operating for over a decade, iron-out the various bottlenecks, and determine whether to make an adjustment to the source of funding, if these will help government tackle the issue of unemployment and achieve its quest to build a strong agrarian sector.
“It has become necessary to review the EDAIF Act in order to meet the dynamic needs of the private sector, because trends in the industry have changed over time. “The review gives practical meaning to government’s resolve to build a strong public-private partnership while eliminating various bottlenecks that hinder the vision of EDAIF,” he said.
“The decline in the manufacturing sector is a problem confronting government’s determination to make the sector more vibrant, hence the need to make the Fund more in tune with the current needs of the private sector.”
Formerly, the Export Development and Investment Fund (EDIF), was enacted by Act 582 in 2000 to provide financial resources for the development and promotion of export trade in the country. In 2011, EDAIF Act 823 replaced EDIF to include provision of financial assistance to agric-related activities, notably the agro-processing industry.
The 10-member committee is chaired by Mr. Oteng Gyasi, former president of the Association of Ghana Industries (AGI), with Mrs. Estelle Appiah as Secretary; and has two months to submit their report –which will be subjected to cabinet and parliamentary review.
Other members are Mr. Nashiru Isahaku, EDAIF; Mrs. Julie Asante, Intergritas Limited; Mr. Luis Kofi Amenyah, Ministry of Trade and Industry; Mr. K. Owusu Adjei, Centtury Consultancy Services; and Mr. Asare Akuffo, HFC Bank.
The rest are Ms. Marjorie Abdin, Vice President of the Federation of Associations of Ghanaian Exporters (FAGE); Mr. Gerald Nyarko-Mensah, Ministry of Trade and Industry; and Mr. Tawia Akyia, GIMPA.