Artisans At Suame Magazine Set To Relocate To New Site

CHARLES TAYLORArtisans at Suame Magazine in  Kumasi are set to relocate to a bigger and more secured place at Adubinsokese near Kodie in the Afigya-Kwabere District of the Ashanti Region.

The 1000-acre site to be called SMIDO-Otumfuo Industrial Complex is about 10 minutes drive from the old site.

The initiative was pioneered by the Suame Magazine Industrial Development Organisation (SMIDO), following a successful corporate partnership arrangement which brought about the establishment of the Suame Magazine Industrial Development Fund (SMID Fund).

The Fund has already raised and paid an initial deposit required to guarantee title to the new land which would be fully paid by the artisans under the SMID Fund arrangement.

These came to light when Sarpong Boateng, acting president of SMIDO, signed a document in Accra to appoint United Pension Trustees (UPT), a corporate trustee licensed by the National Pensions Regulatory Authority as syndicate managers of the SMID Fund.

According to him, the Danish International Development Agency (DANIDA) had equally concluded arrangement for international bidding to provide technical support to ensure that the new industrial complex is of international standard and globally-competitive.

Under the arrangement, international experts would be brought in to work with their local counterparts on the project to become internationally acceptable.

A consultant to SMIDO, Nyaaba-Aweeba Azongo, explained that the SMID Fund was a two-tier fiscal scheme which would, among others, see to the mobilisation of funds and syndicating facility-arrangement with corporate partners to consummate the processes of acquisition, relocation and transformation to ensure that the artisans own a greater share in-terms of equity in the new industrial complex.

“The SMID Fund shall operate like an agency to host and promote various partnership financial product streams by players in the banking, insurance and investment sectors in the fitting clusters of Suame Magazine, Sofoline, Asafo and all other clusters in Kumasi,” he added.

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