-CEO of Speech Production, Enoch Agyapong, has urged beneficiaries of the Zylofon Arts Fund to squander the money when they receive it
-According to him, the Arts industry needs a better business platform to manage funds, not what Zylofon Media is bringing on board
-The Zylofon Arts Fund was launched last week with a seed amount of $1 million dollars to support the creative arts industry
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Last week, Zylofon Media launched an arts fund with an initial amount of $1 million to support Ghanaian artistes.
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According to Sammy Atuobi Baah, public relations officer (PRO) of Zylofon Media, the fund will offer financial support to players who would need money for their various music and creative arts projects.
He stated that the fund would be supported by subsidiaries of the Zylofon Group, who would contribute 10% of their monthly income into the fund, adding that some fund-raising events will be held to support it.
This initiative by Zylofon Media has been lauded by some players of the arts industry, however, the CEO of Speech Production, Enoch Agyapong, holds a different view.
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According to him, the creative arts industry needs a business platform which would enable people to invest into the industry and get their money back, but not a fund run by an individual or private organization.
“We need to put the industry on a business platform, where people will invest into it with the assurance that they will get their money back before we can encourage people to put their money in,” Mr. Agyapong said in an interview on Accra-based Onua FM.
He went on to urge beneficiaries of the fund to spend the money when they receive it because Zylofon “does not know what to do with its money.”
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“Zylofon Media is sharing money like bread, take your proposals there and if you get some spend it! They know people can not pay for the loans that is why they are saying it’s interest-free,” the CEO of Speech Production stressed.
“Let’s build the industry to the point that, when you invest your money into it you will get returns,” he added.
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