A statement issued by the Agricultural Development Bank (ADB) Plc to express their heartfelt congratulations to the farmers and fisheries during the 38th National Farmer’s Day indicated the bank continues to record a steady growth of its loan support to the agricultural sector of Ghana.
In December 2016 a loan of ¢453.20 million was offered to the agricultural sector by ADB. As at September 2022, ADB recorded an increase in loan stock from GH¢453.20 million to GH¢993.50 million.
According to ADB, the amount excluded the huge volumes of non-funded facilities such as letters of credits and guarantees granted for the purchase of agricultural inputs, machinery, equipment and raw materials.
The statement read by ADB showed that, over 119% increase has come on the back of strategy to refocus the bank onto its original mandate to provide financial intermediation to the agricultural sector, with the aim of using the agriculture sector as a means of wealth and job creation for the ordinary Ghanaian.
ADB expressed that, the bank has been an active partner for the implementation of the novel One District One Factory (1D1F) and so far, about 20 companies have received financial support of over GhC100 million. Examples being the Ekumfi Fruits & Juices Limited, Kumasi Jute Factory, Weedi Africa Tomatoe Processing Factory and Kaad Integrated Limited.
Not limited to that, ADB also said the bank has over the years imported outboard motors for sale to fishers at cost either under lease financing or through direct sales. “It is supporting the Fisheries sector import 1,300 outboard motors made up of 1200 (40HP) and 100 (15HP) Yamaha products at a cost of ¢19.8million for the Ministry for Fisheries and Aquaculture Development and the Coastal Development Authority,” It said.
ADB expressed that, the bank absorbed all incidental and related costs amounting to about ¢7.0 million which would have been a cost to fishers. Also, to further contribute to government’s effort at reducing the importation of poultry into the country, the bank this year announced the implementation of the Broiler Revitalization Program with poultry farmers in the Bono region being the first beneficiaries.
ADB Plays It’s Role As An Agricultural Bank
Established for the purpose of developing the agricultural sector, ADB indicated that, with its 87 network branches nationwide, it remained the only bank in the country with branch locations in mainly agricultural prone areas like Sefwi-Wiawso, Juaboso, Dormaa Ahenkro, Enchi, Savelugu, Nkoranza, Goaso, Denu, Juapong, Sefwi Essam, Sogakope, Bonsu Nkwanta, Apemenim and many more.
According to ADB, the bank remained the ultimate sponsor of the overall prize to the National Best Farmer. In the past, a fully furnished three-bedroom house was built at a place of choice for the National Best Farmer.
A total of over 15 houses has since been constructed in different regions across the country for 15 National Best Farmer Award Winners.
“In 2017, following strong advocacy and presentations by the Ministry of Food and Agriculture, Past National Best Farmers, a decision was taken to change the first price to a cash prize. This enabled the award winners invest the fund to expand their businesses and provide additional employment. The Best Farmers have prudently utilized their prize monies to expand their businesses.
Agricultural Development Bank
As the lead sponsor of the award, the bank also organizes a welcome cocktail for all Awardees and also a National Farmers Forum,”
The bank also revealed that, it has received several recognitions for supporting the development of the agricultural sector, notably including the Best Cocoa Financing Institution, the One District One Factory Financing Institution, Industry Leadership Award in Agricultural Financing, Corporate Social Responsibility Award, and many more.
“We believe in agribusiness for wealth creation and the Agricultural Development Bank Plc will remain committed to the Agribusiness sector of the economy.”
Former Managing Director, Dr. John Kofi Mensah
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