The Ghana Association of Phonographic Industry (GAPI) has initiated moves to set up a fund aimed at supporting movie and music producers in Ghana.
The Copyright Investment Fund is being established to strengthen the entertainment industry as well as to promote excellence.
Speaking to Adom Entertainment News at a workshop organized to sensitize its members about the Fund in Accra, the Project Coordinator of GAPI, Francis Mensah Twum, said producers, especially those in the music industry were facing difficult times because of financial constraints.
He mentioned high interest rates, piracy among others as some of the major challenges bedeviling the industry.
He added that due to the challenges, many of the producers had diverted into other areas like importing mobile phones and accessories, production of sachet water among others hence the need for a fund to cushion music and movie producers in Ghana.
Mr. Twum stated that producers would no longer have to rely on bank loans for their projects but rather access funds from the Copyright Investment Fund once it is established.
“The fund will encourage breakaway producers to come back into the entertainment industry and contribute their quota to building a formidable industry knowing that they have a reliable source of funds to embark on their projects,” he said.
Mr. Twum continued that as part of efforts to establish the Fund, members of GAPI have been tasked to pay an amount which would serve as seed money for the fund after which sponsorship will be sought to further enhance the initiative.
The workshop was organized by the Association of Phonographic Industry (GAPI) and was sponsored by the Business Sector Advocacy Challenge Fund (BUSAC) to educate members of the Association about the need for the establishment of the Fund.