GGEA educates members on financing options

Mr Wolfgang Lenz of Lenz Finance Management in Germany took the participants, made up of members of the GGEA and other business executives with interest in Ghana and/or Germany, through the attractiveness of financing and sourcing possibilities from Germany to Ghanaian importers.

He dwelled on the credit options offered by the export credit agency (ECA), a quasi-government institution in Germany that liaises between exporters and exporters, saying that the institution has over the years proven to be a credible and more reliable source of funding to people and institutions in search of finance to export.

The ECA offers funds under credit and debt options to people to import finished and semi-finished goods, raw materials and equipment, among others.

Although the country of origin of the goods to be imported is often not a criterion when it comes to approving applications for funds from ECA, Mr Lenz said it was always easier if the imports were to come from Germany.

The Regional Director DEG West Africa, Mr Andreas Voss, who spoke on financing options of the DEG and avoiding financial scams, said his outfit was more than willing to support businesses in the country to expand.

DEG is a German-based development institution with interest in investing in emerging and developing countries.

It has been in the country for years and invested over £700 million in the country, according to Mr Voss.

He mentioned small and medium enterprise (SME) as an area the institution was passionate about, when it comes to investing.

On imports, Mr Voss said although DEG “loves to finance German products, it is not a requirement to securing funds from us.”

The President of the GGEA, Mr Stephen Antwi, decried the high interest rates in the country, explaining that the situation does not support investments by businesses.

He said the association’s frequent interactions with its members had showed that they were in need of easy access to less costly funds; hence, the decision to organise the forum.

He said GGEA had considered members’ concerns and would come out with some laudable solutions in April 2013.

Story by Maxwell Adombila Akalaare