16 September 2010

Ghana: ADB Supports Agric Sector With Gh¢175m

The Agricultural Development Bank (ADB) has earmarked a total of GH¢175 million for agriculture finance this year, a 33 per cent increase over its 2009 budget.

The money will go into areas such as primary production of food and industrial crops, fishing, poultry and livestock, as well as agribusiness, namely, transportation, storage, preservation, warehousing, input distribution and marketing.

A statement issued by ADB in Accra said the bank would embark on a Youth in Agriculture Project and collaborate with agricultural farm institutions to identify youth for support to undergo general training in agricultural practices, book keeping and banking services.

"The selected youth will choose their preferred agricultural activity, and have on-the-job training from big time customers of ADB in their areas of operation. After the training, ADB will provide them with financing to start their own projects," the statement added.

The announcement comes in the wake of the conferment on the Agricultural Development Bank, of the Bank of die Year in Africa Award at the maiden Africa Investor Agribusiness Awards announced in Durban, South Africa earlier this month.

ADB was recognised for its strides in financial intermediation tailored to the agricultural sector as its core business and the considerable experience accumulated in that respect.

The bank, the mainstay of agriculture financing in Ghana, said it commanded 35 per cent share of the total bank industry financing of agriculture as of April 2010.

The Africa Investor Awards is the first of its kind to formally recognise agribusiness players promoting innovative investments across the main agribusiness and finance sectors to change the landscape for the continent's agricultural sector.

The awards will be held annually to recognise and reward the achievements of the public and private sector across wide-ranging industries and disciplines.

Africa Investor is a leading international investment research and communications group that supplies a broad range of investment data, research, broadcast and published content to a growing number of investors with interests in Africa.

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