With the transfer of ownership of the LEDFC to GGFC, the company has promised to improve Liberia’s economy by empowering Liberian businesses and improve the country’s economy.
At ceremony marking the transfer of Liberia Enterprise Development Finance Corporation (LEDFC) to Ghana Growth Fund Company Limited (GGFC), the Managing Director of GGFC, Kwame Ofori Asomaning has disclosed that the SME needs to be developed to improve the Liberian market.
Mr. Asomaning said many companies in Liberia do not have the funding to sustain their companies and that in such cases; GGFC will intervene to ensure that these companies remain operational with the agreement of paying back funds received to continue their businesses.
Mr. Asomaning added that SME in Liberia lacks business best practice, something that tends to hamper the improvement and continuation of Liberian businesses. Asomaning said his group of companies will put into place good management teams for Liberian businesses and will deploy some members of the management team with firms to bring about best business practices.
He said business practices brings about productivity and job creation and increase in revenue.
Serving as the Keynote Speaker in place of Central Bank Governor, Mills Jones who did not show up at the ceremony, Dr. Papa Kwesi Nduom, Chairman, Groupe Nduom said GGFC is a Pan-African group of companies that is partnering with some American companies.
Dr. Nduom said the group of companies wants to see Liberia as part of the process to create a Liberian-Ghanaian-American company for a long term operation that will benefit all parties.
He said GGFC is in the country to stay and contribute to the growth of the Liberian economy. “There is no free money in this business because the money belongs to shareholders and people who stand to benefit from our loan scheme are those who are well positioned to repay any loan that will be given to them,” Dr. Nduom asserted.
He said while GGFC is willing to assist the private sector, it will only become a friend to people with good intention to pay back money given to them for the growth of their businesses.
In brief remarks, United States Ambassador to Liberia, Deborah Malac reaffirmed the Overseas Private Investment Corporation of the United States (OPIC) support to small and medium sized enterprise sector of the Liberian economy to enhance transition of the Liberian Enterprise Development Finance Company (LEDFC) and International (Global Communities) to the Ghana Growth Fund Company (GGFC).
Madam Malac said the OPIC is proud to have been an early supporter of the LEDFC by providing loan, capital since its formation, and will continue to support the enterprise.
Madam Malac noted that LEDFC began operations at a difficult time for the Liberian economy after the end of its civil conflicts and there was no source of debt capital for the small and medium-sized enterprises in the market.
The Liberia Enterprise Development Financial Company’s original benefactor, Robert Johnson’s RLJ Companies and International (now known as “Global Communities) helped LEDFC to support more than 90 small medium enterprises with more than $7million in loans since it began.