Economy Agribusiness support will remain our priority – ADB Board Chair

Economy Agribusiness support will remain our priority – ADB Board Chair

Economy

Business News of Saturday, 15 January 2022

Source: thebftonline.com

Economy COVID-19 pandemic impacted agribusiness sector COVID-19 pandemic impacted agribusiness sector

The Board Chairman of the Agricultural Development Bank (ADB) Limited, Daasebre Akuamoah Agyapong II has reiterated the commitment of the bank to support the agribusiness sector to meaningfully contribute to the Ghanaian economy.

“We will continue to provide financial support to companies and industries especially in the agribusiness sector to ensure food security and better economic growth,” he said.

The Board Chairman made these remarks during a visit with Management to the Ghana Oil Palm Development Company (GOPDC) in Kwae-Kade in the Eastern Region to familiarize with the operations of the company.

GOPDC, which formerly belonged to the state is now a member of the Siat Group of Belgium, specialised in the cultivation of oil palm, extraction of crude palm oil and palm kernel oil and produces refined specialty oils for use by the food industry.

The company has about 21,000 hectares of oil palm plantations of which, about 13,000 ha have been developed for about 6,000 outgrowers.

In total, there are over 1,860,000 oil palm trees spread over a radius of 30 kilometres, creating a direct or indirect income for above 50,000 people. The company is currently the producers of the Kings brand of vegetable oil on the Ghanaian market.

Dasaabre Agyapong II said ADB will this year continue with its strategy of disbursing more loans to companies and individuals within the agribusiness value chain to further consolidate the positive contribution of the agricultural sector to the Ghanaian economy.

The bank’s Managing Director, Dr. John Kofi Mensah commended the company for their outgrower scheme which has helped in creating thousands of jobs for people within the catchment area of the company. “I wish to commend the company for its outgrower scheme which has positively helped in creating jobs for the good people of Kwae-Kade and its environs,” he said.

Dr. John Kofi Mensah assured the company of the support of the bank in expanding its operations to create more jobs and also more products to meet both local demand and for export.

Managing Director of GOPDC, Gangadhar Shetty commended ADB for their continuous support to the Agricultural sector over the years. “We have enjoyed financial support from ADB over the years and this has positively impacted our growth as a company,” he said.

According to the Managing Director, GOPDC is working to meet the demands of the local market to help reduce the importation of oil onto the Ghanaian market.

Mr. Shetty assured the board and management of the bank that all financial support given to the company will be used for it intended purposes to positively impact on the Ghanaian economy. “We hope to increase our production capacity in the coming years to meet the demands of the local market and help government in its fight against inflation,” he said.

The visit formed part of the ADB board and management strategy to interact with key customers of the Bank and have a first-hand assessment on operations of companies the bank has disbursed loan facilities to over the period.

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