Accra, May 9, GNA - Ghana is to host the 10th African Leasing Convention from June 5 to June 9 during which Ghana's Leasing Programme would be launched by the International Finance Corporation (IFC). In addition to being a gathering of international leasing experts, the Convention is expected to attract participants from senior executives in public and private sector institutions from more than 15 African countries.

The Convention is being sponsored jointly by the IFC through its Private Enterprise Partnership and African Leasing Association (Afrolease).

Mr Taba A. Cookey, Programme Manager, Leasing, of IFC, told the Ghana News Agency that the Ghana Leasing Programme was being sponsored by the Swiss government to enhance leasing practices in the country to benefit private sector development, especially small and medium-scale enterprises.

He explained that leasing was a complementary form of financing that served as an alternative to traditional long-term bank loans and increased a company's ability to source all types of financing. Mr Cookey said a healthy leasing industry facilitated a country's economic development through increased financing flows to the productive sector of the economy, growth of domestic production and increased financial options for private business.

He acknowledged that leasing was relatively new in most African countries and noted that the Accra Convention would be used to launch a new drive to attract companies to source for lease. He identified the building of a legal regime, an effective tax system, transparent and independent regulatory body and professional accounting systems as pillars for the establishment of a vibrant leasing system in Africa.

He said with a few exceptions, like Ghana, there was currently no specific leasing law in most African countries, adding that a well-drafted finance leasing law would benefit the industry.