The Deputy Minister of Trade and Industry, John Gyetuah, has recommended the hire purchase system as most conducive for capital equipment acquisition and a source of relief for retailers, wholesalers, consumers and producers taking into consideration the global financial meltdown where money is difficult to come by. Mr. Gyetauh who is also the Member of Parliament for Amemfi West, pointed out that through hire purchase, companies have experienced enormous expansion in their operations. Mr. Gyetuah said this at the inaugural ceremony of the Centre for Hire Purchase Development in Accra. According to him, hire purchase can be used to promote and facilitate investment, adding that the acquisition of expensive capital equipment for industry is a major commitment for many businesses. Mr. Gyetuah said he believes that rather than pay for the assets outright using cash, it can often make sense for businesses to look for ways of spreading the cost of acquiring assets to coincide with the timing of the revenue generated by the business. He however expressed dissatisfaction about the hire purchase system in Ghana, saying its operations have not been encouraging and had no meaningful impact on economic development in the country. He urged the new executive members to address their challenges through private-public partnership (PPP) arrangements to develop trade and investment and the hire purchase scheme. Mr. Emmanuel Ameevor, the Country Director for the Centre for Hire Purchase Development expressed concern for hire purchase business in Ghana, citing high interest rates and need for promoting the consumption of locally manufactured products. Source: Asempa News