Tuesday, February 24, 2009

FINAL REPORT OF STAKEHOLDERS CONSULTATIVE ROUNDTABLE ON WAMDEF BY MFWA-FULL DETAIL.

BY: PROF. KWAME KARIKARI-EXECUTIVE DIRECTOR OF MEDIA FOUNDATION FOR WEST AFRICA (MFWA)

This press conference is being held to highlight the outcome of a two-day stakeholders consultative roundtable convened by the media Foundation For West Africa (MFWA)and Free Voice a Detuch media support organization to finalize the process of establishment of a West Africa Media Development Fund(WAMDEF).
WAMDEF is a development fund being promoted by MFWA and Free Voice to provide support through loans and capacity building to private and indepent media houses in West Africa.West Africa media operate under very challenging economic and financial conditions.Most of these media houses are establish on very weak capital base with thebresult b that they atre fragikle and susceptible to commercial interest.Yet these media houses play a crucial role in development as well as the sustenance of voices in society encouraging debate and providing to information.
A feasibility study of media condition in 10 out of the 16 countries in the sub-region recommended that one of the mechanis for addressing these challenges is the establishment of a media development fund to serve as a catalyst forimproving the economic conditions of these media organisations.
WAMDEF is therefore being set up as a non-bank financial institution with the primary goal of disbursing approximately US $20million to about 250 media enterprises within the sub-region between 2010 and 2014 on a revolving basis.
WADEF EXPECTS TO:
Strengthen the private and independent media in west Africa through this provision of access to finance and capacitybuilding and thereby contribute to media development,pluralism,free expression and democracy in the region.Ehance the media's access to credit,finance the development of media business and leverage resource ofpartner of orgnizations in support of this effort.
At the rountable,stakholders comprising media owners and managers,interest groups,donor agencies and other relevant sectors discussed and reviewed a number of documents including a feasibility study report and s business plan for the proposed fund.Presentations were made on experience and initiatives from similar funds in other parts of the world,notabely the media development loan fund (MDLF), a global fund registered in New York;the southern Africa media Development Fund (SAMDEF) and the Africa Media Intiative (AMI).
Other discussion centered on the experiences of commercial and development financing of media in West Africaand Media development assistance policies and programmes of development agencies.Stakeholders at roundtable unanimously endorsed WAMDEF and indeicated their commtiment to making it a successful and viable initiative.The consultative meeting will be followed by a numberof processes: engaing a start up management team to develop detailed plans to mobilize fund and establish structures for the commencement of operations;incorporationof fund under the laws of Ghana as a commercial company limited by guarantee and appointment of the initial board of Directors for the fund.
WAMDEF plans to commence lending operations by January 2010 with approval of initial loans.
It is hoped when the fund finally becomes operational,private and independent media organizations West Africa will take advantage of this initiative to enhance their capacities:become sustainable,remain independent,proffessional and thereby position themselves for contributing to deepening and strengthening of democracyin the sub-region.

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