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Discussion Starter · #1 ·
The Suame
Magazine Industrial Development
Organization (SMIDO) has raised GH¢10
million through private syndication to
transform Suame Magazine into a top-
flight industrial estate.
About 1,000 acres of land had been
acquired at Adubinso-kese in the Afigya-
Kwabre District for the purpose. All is set
for construction work to begin on phase
one of the project and resettlement of
artisans to the place is expected to begin
during the last quarter of next year.
Mr Nyaaba-Aweeba Azongo, the Project
Consultant, said diverse corporate
financial players had been brought in to
turn the place into an industrial
showpiece. They have set up an Industrial
Development Fund (SMID Fund), a mutual
fund, to serve as a vehicle for the
development of the magazine.
Speaking at the media launch of the fund
at Adubinso-kese, he said provision had
been made for a comprehensive private
health insurance plan under which each
artisan registered by the SMID Fund would
receive an annual insurance cover of GH
Other packages include access to space
and structures at the enclave, pension and
life assurance, savings and investment
plan as well as loans to grow their
businesses. These, he said, are exclusively
reserved for artisans and workers in fitting
workshop clusters in the Kumasi
Nana Dr Appiagyei Dankawoso I, Vice-
President of the Ghana Chamber of
Commerce who launched the Fund,
commended the leadership of SMIDO for
the initiative and described the
arrangement as “one of the best financial
models for the informal sector”.
He called on all stakeholders to work
together to ensure its success, adding that
the development of Suame Magazine and
the success of the model would provide
impetus to Ghana’s industrialization. Mr
Sarpong Boateng, President of SMIDO,
appealed to the artisans to embrace the
SMID Fund since it remained the only
guarantee to a secured future for them
and their families.
Mr Seth Obiri, Managing Director of United
Pension Trustees, the corporate managers
of the SMID Fund, said they were proud to
be part of the project. Oheneba Adusei
Poku, the Akyempimhene who chaired the
function, praised the leadership of SMIDO
for the hard work and the good job they
were doing.
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