Skip to main content

Govt disburses GH¢2.3m to Makola fire victims

 


The government has started the disbursement of GH¢2.3 million to the victims of the July 5, 2021 fire outbreak at Makola in Accra to mitigate the effects of the incident on their businesses.

The emergency financial support fund is being disbursed by the Consolidated Bank Ghana (CBG) through the Ghana Enterprises Agency (GEA) to the 98 victims whose shops were affected by the inferno.

The Minister of Trade and Industry, Alan Kyerematen, yesterday met with the traders at the start of the disbursement exercise.

Bank for traders

Kyerematen hinted that the government would soon establish a bank for traders.

The bank, he said, would have tailor-made loans with low interest rates to make traders competitive in the market to improve the overall economy.

He said the government was already in consultation with the Ghana Union of Traders Association (GUTA) and other stakeholders regarding the establishment of the bank.

The minister explained that trade and commerce played a critical role in the economic development of every country.

Trading has become the channel between manufacturing and consumption, as every product that is manufactured is consumed in order to complete the value chain,” he said.

Kyerematen said by acting as the channel between producers and consumers, trading had the potential to provide critical information as inputs into the production process, source of employment, as well as serve as a platform for revenue mobilisation in support of government projects and programmes.

Transformation

It is against this background that among the components of the 10-Point Plan for Industrial Transformation of Ghana, there is enhancing domestic retail trade by improving market and other distribution infrastructure, as well as reducing administrative bottlenecks in domestic trade.

Read also: BoG buys first gold in 60 years: Plans to purchase 540kg with GH¢200m in 2021

Under this component, government has sought to provide direct support to business operators in the trade and commerce ecosystem through the introduction of a number of measures to facilitate trade in and out of the country,” the minister said.

He said the ministry would work with all relevant ministries, departments and agencies to design a new retail market system to streamline the operations of traders in markets.

The President of GUTA, Dr. Joseph Obeng, expressed gratitude to the government for supporting the victims.

He said access to loans was very difficult, and welcomed the news of the establishment of a bank for traders, adding that that would make their work easier.

Comments

Popular posts from this blog

Nestlé Ghana Limited Wins Overall Best Industrial Company Of The Year at 13th AGI Industry & Quality Awards

  Nestlé Ghana Limited has been honored with four prestigious awards at the 13th Association of Ghana Industry and Quality Awards ceremony. The event, held in an esteemed setting, gathered prominent figures from Ghana’s industrial sector. Amidst the anticipation, Nestlé Ghana emerged as one of the evening’s notable winners, securing accolades in several key categories. This recognition underscores Nestlé Ghana’s relentless pursuit of excellence and innovation, marking a significant milestone that highlights the company’s substantial contributions to the manufacturing industry in Ghana. Nestlé Ghana's exceptional performance was acknowledged with the following awards: Overall Best National Quality Award, Diamond Category (Food) Overall Best Practices in Sustainable Manufacturing Best Company (Food Sector) Overall Industrial Company of the Year, affirming its status as a leader not only within the food sector but also across Ghana's entire industrial landscape. This success is a ...

Anglogold Ashanti Obuasi Mine tops 2024 Sustainability & Social Investment Awards

 AngloGold Ashanti Obuasi Mine has confirmed its status as sustainability champions by sweeping nine awards, the most won by a company at the 2024 Sustainability & Social Investment Awards (SSI) held at Movenpick Ambassador Hotel in Accra. The feat comes on the heels of a dominant performance in last year's event where AngloGold Ashanti Obuasi Mine swept seven awards. The SSI Awards organised by Ianmatsun Global Services recognizes the most outstanding sustainability, Corporate Social Responsibility (CSR), Environmental, social, and governance (ESG) initiatives in the country and beyond as well as the best teams and individuals who brought them to life. This year's event, which was the 8th edition, was under the theme "Climate Action Now: Accelerating Decarbonization and Building Resilience". The awards won by AngloGold Ashanti on the night include SSI Company of the Year, Best Company in Women Empowerment (project), SSI Company of the Year ( Environment), Best Co...

Zoomlion Advocates Community & Gender inclusive waste management for Climate Action at COP 29

 Africa's waste management giant, Zoomlion Ghana Limited has advocated for an integrated approach to waste management that considers the interest of community members, women and vulnerable groups. James Deku, a Communications Officer of Zoomlion Ghana Limited made this call at the 29th session of the Conference Of Parties (COP 29) of the United Nations Framework Convention for Climate Change (UNFCCC) at Azerbaijan, Baku whiles speaking on the topic "Community-Driven and Gender Inclusive approaches to waste management for Climate Action ". He said the waste sector is a major contributor of methane emissions which is a potent greenhouse gas causing climate change hence the need to manage waste in a manner that considers the interest of all stakeholders. Zoomlion's waste management model is designed and operated in a manner that considers the interest of all stakeholders. Through a Public Private Partnership (PPP) model, local authorities engage community members in clea...