Dubbed
‘the Suame Magazine Industrial Development (SMID) Fund’, the private facility
is from diverse corporate financial partners to develop a new site to
accommodate the artisans.
Managed
by the United Pension Trustees, it will also provide syndicated financial services
for the development of Suame Magazine in Kumasi – an enclave renowned for production
of light engineering parts as well as automobile repairs and maintenance.
The
SMID Fund arrangement, according to Consultant to SMIDO, Nyaaba-Aweeba Azongo, is
strictly reserved for artisans and workers within all fitting workshop clusters
in Kumasi.
“Every
registered SMID Fund member is entitled to an industrial space and structure, special
health insurance cover, pension and life assurance, savings and investment and
access to loans for enterprise development and welfare purposes as a one-product
financial arrangement for all artisans,” he stated.
The
ambitious comprehensive private health insurance plan – SMID Health Care – will
provide an annual health insurance cover of Gh₵12,000 for all artisan members registered
under the SMID Fund.
Mr.
Azongo, who doubles as the Executive Secretary of the SMID Fund, has disclosed
that arrangements on the first phase of the 500 acres out of the 1000 acre
target land have been concluded for the commencement of the industrial complex project.
The
artisan community is therefore encouraged to register under the SMID Fund to
enable them access the industrial space at Kodie-Adubinsu-kese.
Mr.
Azongo indicated that the project would be developed in phases for progressive
resettlement of the artisans. The first phase of the resettlement scheme is
expected to begin by the last quarter of 2015.
President
of SMIDO, Sarpong Boateng, has called on the artisans to embrace the SMID Fund
initiative “since that remains the only guarantee to a secured future for the
artisans and their families and the security of their trade”.
Vice-
President of the Ghana Chamber of Commerce, Nana Dr. Appiagyei Dankawoso I, has
lauded the SMID Find initiative as the best financial model for the informal
sector.
He
called expects all stakeholders to ensure the success of the scheme since the development
of Suame magazine, noting that the success of the model is key to the
industrialization of the Country.
The
Akyempimhene of Kumasi, Oheneba Aduse-Poku commended the leadership of SMIDO in
resolving the land issue which had been a major challenge in advancing the
project.
Story
by Kofi Adu Domfeh
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