By Cecil MENSAH
The Ministry of Inner City and Zongo Development is considering assisting small business owners in informal settlements across the country to develop their own business ideas.
The initiative, aimed at boosting economic empowerment in the Zongos, will be carried out in partnership with some commercial banks, which will offer loans guaranteed by the Ministry.
It is expected that the banks will advance low-interest loans to the small business operators. This will help in grooming small businesses as a platform for elevating economic activities in the Zongos.
The Ministry’s intervention in Zongos is occurring within the context of five categories, namely cultural promotion, security and crime prevention, women empowerment, social development and infrastructural development.
Mohammed Alhassan, Director of Policy, Planning, Monitoring and Evaluation (PPME) at the Ministry of Inner City and Zongo Development said even though the fund is targeted for the development of Zongos, it has a component that addresses business development.
But, according to him, until the legal backing for the disbursement of the Zongo Development Fund (ZoFD) is sorted out, no disbursements will start.
Mr. Alhassan revealed these when he interacted with participants at a consultative meeting in Wa Zongo in the Upper West Regional capital as part of discussions around the disbursement of the fund.
“Every fund has a priority area and the priority of Zongo fund is to help transform the Zongo areas under the categories mentioned above,” he said.
Speaking to the participants, Alhaji Bonniface Abubakar Saddique, Minister for Inner City and Zongo Development, said the Ministry is looking at absorbing interests on the loans in order to cushion small business people.
Furthermore, start-up capital as well as assistance with business development ideas will be catered for.
In the sphere of social development, women are expected to receive book-keeping training to help them in keeping record of their business activities.
As well, the minister stressed that the fund will not only be focused on the provision of infrastructure but also the development of human capacities in the Zongo areas.
Writer’s E-mail: cecilm@businessdayghana.com
