The Finance Minister of Ghana, Ken Ofori Atta, during his presentation of the 2023 Budget Statement and Economic Policy, has indicated that, the government through the Development Bank of Ghana will invest Gh₵50 million into the agricultural sector as part of its measures to revive back the dying major sector of the economy.
In delivering of the budget, Ken- Ofori Atta stated that, this was a broader plan by the government to bounce the Ghanaian economy back to its feet and set it back to its Pre-Covid 19 state.
“Mr. Speaker, Government through the Development Bank of Ghana (DBG), has established a Gh₵50 miilion special credit program; the DBG Emergency Economic Program (DEEP) is to support businesses in the agricultural sector value chain over the next five years. The priority sectors are poultry, rice and cereals, pharmaceuticals, manufacturing, textiles and garments, as well tourism. This will be a form of investments to help build economic resilience.”
Ken Ofori Atta, Minister of Finance
According to Ken-Ofori Atta, in making reference to the 2020 Population Census conducted in the country, more than three (3) million Ghanaians of 15 years and above are involved in the agricultural sector, cultivating staple crops, tree crops and forest trees.
Not limited to that, he also stated that, among the (3) million Ghanaians, majority are involved in traditional fishing as well as breeding, rearing, harvesting of fish, algae and other organisms in all types of water environment.
Contributions Of The Agricultural Sector
Ken Ofori-Atta further stated that, last year the agricultural sector contributed 8.4 percent to the value of goods and services produced within the country.
According to him, the agricultural sector is the backbone of the Ghanaian economy, hence it is very prudent that government channels enough funds and resources towards assisting the sector. This will not only boost the agricultural sector, but will also make the sector attractive to the youth and will be a way of reducing the rate of unemployment in the Ghana.
“ The government over the years has chalked so many successes within the sector notably through the introduction of flagship programs such as the Planting for Food and Jobs (PFJ) and the Rearing for Food and Jobs (RFJ) and will continue to roll out more inventions in the agricultural sector to create jobs for youth who want to venture into the sector.”
Ken Ofori Atta, Minister of Finance
To conclude his budget delivery on the agricultural sector, Ken Ofori Atta called on farmers to take advantage of the new intervention to make decent income from farming and improve their standard of living.
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