‘Street naming exercise will benefit banks, SMEs’

The Minister of Local Government and Rural Development, Mr Julius Debrah, says the street naming exercise which the Government of Ghana is embarking upon, goes far beyond directional purposes.

According to the former Eastern Regional minister, the street naming and house numbering exercise will also help banks, as well as savings and loans companies track the exact location of their debtors.

The minister said this at the Breakfast Meeting jointly organised on Wednesday by Graphic Communications Group Limited and Fidelity Bank on the theme, “The Role of SMEs in Ghana’s Economic Development.”

In his submission, he pointed out the difficulties banks and savings and loans companies go through in tracking their debtors.

This, according to the minister, “deters financial institutions from lending money to Small and Medium-sized Enterprises, which in turn has negative impact on the country’s economy.”

“The street naming and house numbering exercise is therefore going to ease the burden on bankers. This will allow financial institutions offer loans to Small and Medium-sized Enterprises to help sustain their various businesses”, the minister stated.

The Graphic Business-Fidelity Bank Economic Dialogue series is a quarterly forum aimed at facilitating discussions between government and the business community regarding the growth of the Ghanaian economy.

source : graphic online