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ECONOMY

Economy

High percentage of the citizens in the Municipality are middle income earners which is 50%  while 22% are high income earners leaving 28% of the localities as low income earners. The Municipality is fortunate to have some companies, factories, financial institutions, Estate developers and other small scale businesses. These institutions contribute a lot to the Assembly‚Äôs Internally Generated Funds as well as provide employment for most of the inhabitants.

Fishing and trading are other economic activities within the Municipality since it is a coastal area which shares boundary with the Gulf of Guinea. The Assembly also relies on the external sources of funds like the DACF, DDF, UDG and other GOG transfers for its developmental projects. The Assembly been a new one is performing quite well in Rates, Business Operating Permit, Fees and Fines and Rent on Assembly property in that order. Being a new Assembly, it is faced with a lot of challenges in terms of unemployment and its associated vices. Access to credit is also a challenge to a lot of Small Scale Enterprises.

 

 

Local Economic Development

Local Economic Development policy is usually defined as special activities, undertaken by public or private groups, to promote economic development. Economic development can occur through local job growth using local resources. Local Economic Development programmes are argued to accelerate development. The most common barriers to Local Economic Development in the municipality include lack of skilled labour, high cost of land and lack of capital.

Local Economic Development strategy was introduced to address the challenges presented by unemployment and poverty with the aim of achieving sustainable economic growth and development through partnership between Local Government, local business and other actors. There are number of MSMEs within the Municipal and they make major contributions to employment generation and poverty reduction.  Assembly will be organizing workshops and training programmes for these small and medium scale enterprises where a number of technologies will be transferred to farmers, agro processors and marketers through trainings, education and demonstrations. Training programs in managerial skills will be organized for small and medium scale enterprises and their associates. This is to equip them with managerial skills to ensure proper management of their business.   

 

Date Created : 2/17/2020 5:37:12 AM