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Access to finance critical for business survival

BY: Jessica Acheampong
Board Chairman of Trustwork Oakbuild International Limited (TWOBIL), Mr Kofi Obeng-Ayirebi
Board Chairman of Trustwork Oakbuild International Limited (TWOBIL), Mr Kofi Obeng-Ayirebi

The Board Chairman of Trustwork Oakbuild International Limited (TWOBIL), Mr Kofi Obeng-Ayirebi, has reiterated the need for businesses to position themselves well to be able to access global financing.

He said local industries needed the requisite financial support to be able to invest and grow their businesses.

To this end, Trustwork Oakbuild International Limited, in partnership with the Graphic Communications Group Limited (GCGL), will host a three-day conference and exhibition to enable local players to acquire the requisite skills to be able to access global funds.

At the launch, Mr Obeng-Ayirebi said “as part of the agenda to build a prosperous Ghana beyond aid, the TWOBIL, in partnership with GCGL, is organising a three-day international conference and exhibition to build the capacity of Ghanaian institutions both in the private and public sectors strategically to access international investment funds for economically viable projects in Ghana”.

He said the initiative was to support the government of Ghana’s policies and programmes through international financing, trade and investment.

“It will focus on the real opportunities that are emerging for foreign direct investments across the sectors of the economy such as manufacturing, electricity, telecommunications, Information Technology (IT) and Financial Technology (Fintech) industries.

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The rest are oil and gas, health care, agriculture, education, housing and construction, transportation, tourism and the entertainment industry and to a large extent, the natural resources industry,” he said.

Project Finance 2019

The international conference and exhibition on finance, trade and investment opportunities for public and private sector businesses, dubbed “Project Finance 2019”, is slated for November 11-13 this year.

The theme for the event is “Building a resilient economy through project financing, trade and investment for sustainable national development”.

The objective of the conference is to position local businesses to access global funds which are available to support local industries.

He explained that the conference and exhibition would provide the platform for public and private sector organisations and companies in Ghana and beyond to share best practice expertise, source business ideas and provide a perfect opportunity to showcase business achievements, highlight financing trade and investment opportunities and make the necessary business connections.

Businesses need information

The Managing Director of GCGL, Mr Ato Afful, explained that businesses thrived on competitively priced capital and, therefore, any initiative that was aimed at helping businesses who were looking to source funding to inject into their businesses was worth supporting.

Mr Afful also explained that the Graphic Business, one of the company’s print titles, had a mandate to help businesses by providing relevant information that enabled decision makers to make informed decisions.

“It is on that basis that we are supporting Trustwork Oakbuild International Limited on this Project Financing 2019.

“It is important that when you are putting information out, it comes in a form that is meaningful, readable and speaks to the core of what you are seeking to attain.

It is on that basis that we have made our vehicles available to this investment opportunity to help drive ‘Project Finance 2019’,” he said.

Access to financing

The Chairman of the event, Rev. Francis Osei Kusi, said it was important to organise the programme which would sensitise Ghanaians to the international financial market and groom them to be able to access international financing.

He said the high rate at which finance could be accessed in Ghana made it unfavourable for them to compete globally when the rates were lower in those countries.

“If you are in Ghana, don’t forget that you are competing with guys from all over the world and many of them are getting financing at a cost which is lower than what we have here.

Then you know you cannot compete effectively.

“Capital is an important factor of production and it is important that we support them and groom them to access capital to trade,” he explained.