The Suame Magazine Industrial Development Organisation (SMIDO) and the United Pension Trustees, UPT, of the Vanguard Assurance Group are set to launch the Suame Magazine Industrial Development Fund.
The official launch, which has been scheduled for August 13, will facilitate land, shop and share ownership by artisans of Kumasi in the SMIDO-Otumfuo Industrial Complex to be established on a 1,000-acre land at Adubinsu-Kese near Kodie about 8 minutes drive from Suame Magazine.
The initiative is historic because it is a Self-Driven Initiative that has brought high-level Financial Institutions led by UPT of the Vanguard Group and donor partners? led by the DANISH government to support the dream of turning Suame Magazine into a modern industrial estate.
The theme for the upcoming launch is Building a Self-Serving Cluster Financial Regime to establish a modern industrial estate for artisans through Public-Private Partnership and Development Cooperation.
The Financial Scheme –dubbed SMID Fund, efie ne fie — has already paid GH?500,000 through a facility secured for 100 artisans from Suame Magazine, Asafo and Sofoline to grant title to artisans in the new land.
The SMID Fund was developed by SMIDO with the support of the DANIDA/USAID/EU-sponsored BUSAC Fund, and partnership arrangement with United Pension Trustees to bring on-board corporate financial players into a common syndicate partnership to provide Land and a One-Stop-Shop financial cover — PENSION, INSURANCE, WELFARE and equity shares in the 1,000 acre SMIDO-Otumfuo Industrial Complex by artisans.
Mr. Sarpong Boateng, the current president of SMIDO, at a media briefing in Kumasi called on artisans to refrain from politics, backbiting, divisive tendencies and forge together in unison to ensure that the future of the industry from which they earn their livelihood is safeguarded.
He said it will take fitters and their Association leaders to develop the fitting industry, and not governments. ?We cannot by our own actions and inactions destroy our future and expect government to conjure magic to fix it,? he stressed.
The SMID Fund has four components. These include SMID DATA, SMID LAND, SMID RING and SMID SPEED which provide a framework for development of the INDUSTRIAL COMPLEX for the artisans.
SMID data takes a look at the database of artisans and artisans associations in Kumasi to Facilitate Planning and Development of the SMIDO-OTUMFUO INDUSTRIAL COMPLEX on permanent well-developed industrial lands for the resettlement of the artisans. The Database will also help keep records of artisans to facilitate recognition, identity within Ghana and outside for any business transaction — including governmental and development support.
The SMID Land is the product fund that enables members? access to well-planned industrial land space and structures for members? businesses with identifiable location numbers.
SMID RING Fund is a One-Stop-Shop financial arrangement with syndicate financial partners under the management of United Pension Trustees. The Ring has various financial products ranging from Pensions, Insurance, Savings, Susu, Investment, etc., to secure all one?s financial needs under one umbrella product.
SMID SPEED is a special scheme (Trade Group Business Incubator Investment Scheme) designed to host specific trade group arrangements to mobilise capital from members for Investments, beginning with a Trade-Group Joint Venture partnership to set the basis for higher industry investment partnerships or the procurement of a central facility for trade groups.
The Managing Director of the UPT when contacted on the phone — and the chief of Adubinsu-Kese, Nana Apeasa II, confirmed that a 1,000-acre land is being given out for the project — entreated all artisans not to entertain any doubt but rather fully embrace the project to guarantee the future of the fitting industry.
By Seth KRAMPAH, Kumasi