Lynch Capital, Corlido Partners To Assist Suppliers
Lynch Capital, a financial institution, has partnered with Corlido Group to offer first ever factoring and supply chain service in Ghana.
This is to assist local suppliers clear their goods and complete procurement agreements with ease.
Speaking at the launch yesterday, Mr. Fredrick Nii Dodoo, the CEO of Lynch Capital said “We are here to provide relief to suppliers in this country. Our main objective is to finance local content, especially the suppliers who are mainly Ghanaian companies for sectors like Oil and Gas, Mining, Health, Telecommunications, Manufacturing and so forth.”
Funding has always been a challenge for suppliers and businesses in the country, leading to the collapse of businesses.
However, Mr. Dodoo believes the companies new product ‘Invoice Factoring’ which is fairly new in the country, will help suppliers access funds and stay in business.
“The traditional age long method of bank loans and to a very limited extent invoice discounting has not helped , and in very common cases created its own challenge to the supplier. It remains our firm belief that invoice factoring and receivables financing is that singular solution to bridge this gap,” he said.
On his part, Hon. Mohammed Awal, Minister for Business Development, urged the Institutions to look beyond financing in the value chain system.
“I want you to do something for Ghana. Help give us interest rate that can make businesses succeed,” he said.
He also called for the need for financial institutions to support women in businesses.
According to him, a formidable portfolio should be given to women to make easier for them to access loans.
“Women constitute 52 percent of the Ghanaian population yet less than 40 percent have access to formal loans and that’s not good for an inclusive government that we want to create.
The women cook, they clean, make babies yet when they go to banks they are asked to bring collateral. Please let’s have an important set of formidable portfolio that will go to women,” he opined.