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14th April, 2010
WAMDEF Fund Launched In Accra
A West Africa Media Development Fund (WAMDEF) was launched in Accra on Tuesday.
The Fund has been established to meet the growing demand for improved and expanded access to finance and technical assistance by media organisations owned and managed by private entrepreneurs in the ECOWAS region.
The Fund which was a brainchild of the Media Foundation for West Africa (MFWA), a media consultative grouping for West Africa media practitioners plans to increase the scale of operation in the private media market with a targeted capital of 13.5 million dollars within three years.
Speaking at the launch Professor Kwame Karikari, Executive Director of MFWA said lack of capital within the media set-up contributes to poor and low quality of work, especially, in the private sector.
He said without the presence of the media, the democratic dispensation being experience through the sub-region will be endangered, in the face of dwindling financial resources.
Prof. Karikari said the nature of media business sometimes make it very difficult for some to access loans through the traditional banks, therefore, the fund will come in handy for those who are financially handicapped.
He said feasibility study on the operation of the fund had been conducted in 10 out of the 15 ECOWAS nations and business plans have therefore been developed.
Mr. Kwasi Owusu Asare, the Chief Executive of the Fund said the fund will be committed to providing innovative and customized financial and capacity-building solutions to private media companies in West Africa.
He said WAMDEF will strive to engender the emergence of successful, vibrant, dynamic, diversified and sustainable media enterprises which will optimize value to owners of private media houses and also contribute to the strengthening of democracy in ECOWAS region.
“WAMDEF is committed to helping entrepreneurs build their institutional capacities, bolster free expression, increase political dialogue and promote access to the media by marginilised groups in West Africa,” he said.
Mr. Asare said the Fund will target emerging and already established private media houses with real or potential solid management and financial performance with the sub-region.
“The target media company groups must have the potential to add value to democratic processes in the region by increasing access to information, encouraging political dialogue, and catering to a diverse range of viewpoints among the society,” he said.
He said the loans which will be given will range from the short, medium and long term with the amount between 10,000 dollars to 200,000 dollars depending on ones needs.
The fund is expected to be supported by Free Voice, a Dutch media support organisation, Media Development Loan Fund, a non-profit investment fund which provide low-cost financing, and Southern Africa Media Development Fund, a fund set up on the same line like the WAMDEF in Southern Africa.
The Fund has been established to meet the growing demand for improved and expanded access to finance and technical assistance by media organisations owned and managed by private entrepreneurs in the ECOWAS region.
The Fund which was a brainchild of the Media Foundation for West Africa (MFWA), a media consultative grouping for West Africa media practitioners plans to increase the scale of operation in the private media market with a targeted capital of 13.5 million dollars within three years.
Speaking at the launch Professor Kwame Karikari, Executive Director of MFWA said lack of capital within the media set-up contributes to poor and low quality of work, especially, in the private sector.
He said without the presence of the media, the democratic dispensation being experience through the sub-region will be endangered, in the face of dwindling financial resources.
Prof. Karikari said the nature of media business sometimes make it very difficult for some to access loans through the traditional banks, therefore, the fund will come in handy for those who are financially handicapped.
He said feasibility study on the operation of the fund had been conducted in 10 out of the 15 ECOWAS nations and business plans have therefore been developed.
Mr. Kwasi Owusu Asare, the Chief Executive of the Fund said the fund will be committed to providing innovative and customized financial and capacity-building solutions to private media companies in West Africa.
He said WAMDEF will strive to engender the emergence of successful, vibrant, dynamic, diversified and sustainable media enterprises which will optimize value to owners of private media houses and also contribute to the strengthening of democracy in ECOWAS region.
“WAMDEF is committed to helping entrepreneurs build their institutional capacities, bolster free expression, increase political dialogue and promote access to the media by marginilised groups in West Africa,” he said.
Mr. Asare said the Fund will target emerging and already established private media houses with real or potential solid management and financial performance with the sub-region.
“The target media company groups must have the potential to add value to democratic processes in the region by increasing access to information, encouraging political dialogue, and catering to a diverse range of viewpoints among the society,” he said.
He said the loans which will be given will range from the short, medium and long term with the amount between 10,000 dollars to 200,000 dollars depending on ones needs.
The fund is expected to be supported by Free Voice, a Dutch media support organisation, Media Development Loan Fund, a non-profit investment fund which provide low-cost financing, and Southern Africa Media Development Fund, a fund set up on the same line like the WAMDEF in Southern Africa.
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