Government To Spend GHS50 Million On Agriculture (See Details)

By Riddy10 3 Min Read

According to Finance Minister Ken Ofori-Atta, as part of a bigger initiative to bring Ghana’s economy back to pre-COVID-19 levels, the government will invest GHS 50 million in the agriculture sector through the Development Bank Ghana (DBG).

“Mr. Speaker, the government has launched a GH500 million special loan program: the DBG Emergency Economic Programme (DEEP) to help firms in the agriculture value chain over the next five years via the Development Bank Ghana (DBG).

The main areas for investments to assist establish economic resilience are poultry, grains, and cereals, pharmaceutical production, tourism, textiles, and garments,” he stated.

On Thursday, November 24, 2022, he made this statement while presenting the 2023 Budget Statement and Economic Policy to the Parliament.

More than three million Ghanaians aged 15 and older are employed in agriculture, including aquaculture and traditional fishing, as well as the growth of basic crops, tree crops, and forest trees, according to the 2020 Population and Housing Census.

The average contribution of the farm sector to GDP increased from 2.8 percent over the four years ending in 2016 to 5.8 percent in 2020.

8.4% of the value of goods and services produced in the country last year was provided by the sector.

Since this is the foundation of the Ghanaian economy, according to the minister, the government must invest enough resources in it.

He asserted that the government has achieved significant success in the field over time, most notably through the implementation of flagship initiatives like Planting for Food and Jobs (PFJ) and Rearing for Food and Jobs (RFJ), and that the government will continue to implement additional sector-specific interventions to increase food production and provide employment opportunities for young people with an interest in agriculture.

In order to maximize their agricultural earnings and raise their level of productivity, he advised farmers to take advantage of the initiative.

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