EDAIF approves GHc 57.1 million to local businesses

The Board of Export Trade, Agricultural and Industrial Development Fund (EDAIF), in June and July this year, approved GHC 57.1 million in grants and credit to 28 cooperatives, companies and public institutions.

Among the beneficiaries were 15 small-holder cooperatives and associations, eight companies and five public institutions, said Dr Barfour Osei, Chief Executive Officer of EDAIF in a statement to the Ghana News Agency over the weekend.

He said a grant facility of GHC48.5 million was approved in support of government’s initiatives and interventions in different sectors of the economy.

He said GHC21.7 million was approved towards the expansion of local rice production, while a huge step was taken towards large scale shea butter cultivation in Northern Ghana, with an approval of GHC3.43 million.

Dr Osei mentioned other approvals to include A GHC6.37 million to support the establishment of the Ghana Commodities Exchange; GHC2.88 for the cultivation of kenaf plant by small holders, to serve as raw material for the manufacture of jute sack in Ghana.

Approval was also given for honey production, oil palm processing, fish production and production of organic fertilizer, he added.

He said EDAIF support for small-holder associations and cooperatives demonstrates government’s commitment to enhancing the productive capacity of the small and medium scale enterprises.

According to Dr Osei, two firms would receive GHC8.4 million in loans to support the processing of oil palm and the manufacture of footwear.

“The Board and Management of EDAIF wish to encourage small-holder Ghanaian cooperatives, associations, businesses to contact the organization for further information,” he said. GNA

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