The Managing Director of the Agricultural Development Bank (ADB) has stated that the Bank will support Outgrower Farmers who supply raw materials to factories under government’s One District, One Factory (1D1F) initiative.
Dr. John Kofi Mensah made this known at the commissioning of Ekumfi Fruits and Juices Limited and Casa De Ropa Limited, both in the Central Region. At the event, Dr. Kofi Mensah disclosed that his outfit will soon disburse an amount of about GH¢50million to Outgrower Farm Companies operating within the catchment areas of the two factories.
“These factories need a constant supply of raw materials to remain in business, and as our contribution to the 1D1F we are giving out loans to, especially, Outgrower Farmers attached to the 1D1F factories so they can supply those factories with needed raw materials.”
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He assured the industries established under the One District, One Factory and the Outgrower Farm Companies that should they need agricultural support, the Bank is more than prepared to provide the needed financial support so they operate at optimum level.
According to Dr. Mensah, many companies established in the past have not performed to full capacity or even survived due to lack of raw materials; hence the Bank’s decision to support the outgrower farmers. This he said is to ensure the availability of raw materials for sustaining the factories and creating more jobs.
The ADB Managing Director said the 1D1F initiative by the incumbent government led by Nana Addo Dankwa Akufo-Addo is one of the biggest industrial programmes in recent years. He believes that the initiative has the potential to fully transform the Ghanaian economy.
“Our association with such key government projects, especially those related to agribusiness, is a manifestation of the Board’s new direction to ensure the Bank focuses on its mandate of agribusiness financing.”
He went on to laud President Nana Addo Dankwa Akufo-Addo for his foresight and vision with the 1D1F initiative, and pledged ADB’s support toward all initiatives aimed at making Ghana food-sufficient.
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