The Danish Government Fund (IFU) has signed a binding commitment to provide Intelligent Card Production System (ICPS), a subsidiary of the Margins ID Group with $5 million facility to refinance its short term debts with a medium term loan.
The facility would also support ICPS to deliver products on a supplier credit basis to IMS, a Margins ID Group Subsidiary which is in a public private partnership with the National Insurance Authority.
Moses Baiden, Executive Chairman, Margins Group who announced this when the Danish Ambassador toured the facility of the company in Accra, said the additional facility would bring to $8.5 million the total Danish financing for ICPS this year.
“We at ICPS are proud and grateful for the medium and long term Danish concessionary loans to ICPS which has enabled us to continue to expand and create quality jobs, and also the stamp of credibility it gives our company in the areas of governance, transparency, productivity and potential,” he said.
He said the rigorous processes that a company had to endure to access these facilities required a sound business plan and an excellent track record as a minimum.
“The successful accessing of these facilities by ICPS is a testament to our credentials as a company, the talent that our people possess, and our credibility and bankability as a company,” he said.
The relationship between ICPS and the Danish government was an indication of how the public and private sector partnership could help in building strong and robust private companies.
Mr. Baiden urged the government to ensure that its policy framework benefits Ghanaian companies.
The government, he said, must create an enabling environment for private sector expansion and to enforce existing laws, which prioritize local content and productivity.
“If the Danish government can recognise the potential of our private sector and be so supportive of a majority Ghanaian owned company, like ICPS, then our own governments must do more to strengthen the Ghanaian private sector,” he said.
The government, Mr. Baieden said, must take steps to advance government policies to support the private sector when organisations, such as ICPS, had demonstrated seriousness by making serious investments together with the Danish government.
“We must increase local productivity where local Ghanaian capacity exists, to improve our economy, productivity and create high quality jobs in Ghana. This is the only way our country and our economy will be strong,” he said.
The Danish Ambassador to Ghana Tove Degnbol, said she was excited that the Danish mission in Ghana had been a significant part of the ICPS success story.
She reiterated the Embassy’s unwavering commitment to deepen the cooperation between Ghana and Denmark through joint activities that serve the needs of Ghanaian citizens, organisations and companies.
“Ghana and Denmark have had close relations as far back as anyone could remember and over the years the relations have become more comprehensive and mutually benefcial for our two countries,” she said.
Stories: David Adadevoh