Debate on an Investment Fund to provide short to long-term credit facilities to investors would begin very soon in Parliament.

The Ghana Investment Fund Bill, which was taken through the first reading on Tuesday, is now in the domain of the Committee on Trade and Industry, which is expected to report to the House for consideration.

According to an accompanying memorandum signed by Dr. Kofi Konadu Apraku, Minister of Trade and Industry, the fund would be established from the proceeds so far realised from the Business Assistance Fund that existed under the previous administration.

"In a bid to recover the seed capital of 10 billion cedis through the grant to defaulters of a relief on the interest component of their debts, government has decided to use these recoveries as well as the proceeds so far realised from the fund to kick-start the establishment of the Ghana Investment Fund."

In a related development, the Ghana Investment Promotion Centre (Amendment) Bill has been read the first time in Parliament.

It seeks to amend the existing Act (Act 478) to exclude forestry and wildlife enterprises from the application of the act.

The exclusion of forestry and wildlife enterprises from the cope of the act would enable the Forestry Commission to receive, vet, assess and recommend for the approval of the Minister, Investment projects in forestry and wildlife.

Mr. Yaw Osafo Maafo, Minister of Finance, in a memorandum, said such supervision by the Forestry Commission and the Ministry would help check the prevalence of the installation of outdated and inefficient wood processing equipment, which is the major cause of over capacity in the timber processing industry.

"It is the view of government that the regulatory process will ensure that modern efficient wood-processing equipment, especially for tertiary processing, is given priority consideration for approval and installation."

He said the new arrangement would help the Forestry Commission and the Ministry match available timber resources with the installed capacity of wood processing equipment at any point in time.