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CIBA launches endowment fund in Koforidua
Koforidua, April 24, Ghanadot/GNA - The
Council for Indigenous Business Associations (CIBA) on
Wednesday launched an endowment fund to raise funds to
support its members in Koforidua.
Mr Ken-Wood Nuworsu, Deputy Minister for Manpower
Development, Youth and Employment (MMDYE), launching the
fund asked leadership of CIBA to institute efficient and
transparent management system to administer the fund for the
benefit of members.
He urged them to establish a pension scheme for the benefit
of members in their old age.
Mr Nuworsu said Government would soon come out with an
apprenticeship programme under the National Youth Employment
Programme (NYEP) to train the youth and workshop owners
would be paid for their services.
Mr Ralph Ameyaw, Executive Secretary of CIBA, said the fund
would be based on the “susu collection principle” and
contributors would qualify for financial assistance after
six months.
He said it would be managed by a Board of Trustees, Fund
Managers and District Co-ordinators who would ensure that
monies collected from members were paid into the appropriate
accounts.
Mr Ameyaw said contributions to the fund could also serve as
collateral security for contributors to be granted mortgage
loans to build houses.
Mr S.K. Mensah, Eastern Regional Chairman of CIBA, said
though the National Secretariat of CIBA had been assisting
members to acquire equipment, the major problem facing them
was capital to commence business.
GNA
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