Suame Magazine Industrial Development Fund launched

 Besides, the fund is expected to provide modern skills development facilities and integrated machine tooling, diagnostic and testing centre, which could offer support to technical production and services as well as technical skills upgrading for artisan and workers of Suame Magazine.

Speaking at the launch of the fund in Kumasi, the consultant to the project,  Mr Nyaaba-Aweeba Azongo, said: “The fund shall have various product streams and corresponding corporate partnership arrangements to perpetually generate funds into the SMID Fund.”

He added that a syndicate manager was to be appointed to take responsibility for the coordination of other corporate arrangements under the SMID Fund to build a comprehensive fiscal regime for Suame Magazine in the first phase of five-years. 

 According to the consultant, the syndicate corporate manager of the SMID Fund shall be required to offer GH¢500,000 as a formal partnership commitment to begin the process of acquiring the 1000-acre land for the SMIDO-Otumfuo Industrial complex project under which the fund is being established. 

 Launching the policy blueprint, the President of SMIDO, Mr George Asamoah Amankwa, entreated corporate players, particularly those in the financial sector, to support the fund.

He also called on all leaders of the various associations of Suame Magazine to ensure that the desired cooperation was attained for the successful execution of the SMID Fund which is intended to transform Suame Magazine to drive Ghana’s quest for industrialisation.

Story by Kwame Asare Boadu