The Suame Magazine Industrial Development Organisation (SMIDO) has taken a historic step by securing GH¢10million through private syndication toward transforming Suame Magazine into a top-flight industrial estate.
This follows a compelling vision rolled-out by the organization with diverse corporate financial players to provide services and syndicate financial facilities for the development of Suame magazine dubbed: Suame Magazine Industrial Development Fund.
Another stunning accomplishment by the organisation is the provision of an ambitious comprehensive private Health Insurance plan dubbed ‘SMID Health Care’, which provides an annual Health Insurance cover of GH¢12,000 for all artisan members registered under the SMID Fund.
This was made known during the press launch of the SMID Fund at the newly-designated 1000-acre land site at Kodie-Adubinsu-kese, acquired under the SMID Fund for the Suame Magazine Industrial Development Complex project.
By this, every registered SMID Fund member is entitled to an industrial space and structure, special Health insurance cover, pension and life assurance, Savings & Investment, and access to loans for enterprise development and welfare purposes as a one-product financial arrangement for all artisans.
The SMID Fund is strictly reserved for artisans and workers within all fitting workshop clusters in Kumasi.
Arrangements on the 1st phase of the 500 acres of the 1000-acre target land has been concluded for commencement of the industrial complex project, and the press launch was intended to provide evidence for the artisan community to encourage them to register under the SMID Fund to enable them access industrial space within well-managed and functional industrial infrastructure facilities.
The project will be developed in phases for progressive resettlement of the artisans registered under the SMID Fund. The 1st- phase of the resettlement scheme is expected to begin by the last quarter of 2015
The President of SMIDO, Mr. Sarpong Boateng, called on all artisans to embrace the SMID Fund initiative, since that remains the only guarantee to a secured future for the artisans and their families as well as the security of their trade.
The Chairman of United Pension Trustees, corporate manager of the SMID Fund, Harold Awuah-Darko expressed delight at the partnership’s success and confirmed that the GH¢10million syndicate facility has been arranged to commence the 1st phase of the project.
Launching the SMID Fund, the special guest of honour for the occasion, Nana Dr. Appiagyei Dankawoso I, Vice- President, Ghana Chamber of Commerce, lauded the SMID Fund initiative as the best financial model for the informal sector and called on all stakeholders to ensure the scheme’s success, since the development of Suame Magazine and success of the model is key to industrialisation of the country.
The event was chaired by the Akyempimhene of Kumasi, Oheneba Adusei-Poku, and saw most artisan leaders expressing delight with the project’s success, and fully commended the leadership of SMIDO for resolving the land issue which they contend has been a major challenge for decades.
By Seth KRAMPAH, Kumasi| thebftonline.com| Ghana
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