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Business News of Wednesday, 4 October 2017


2018 budget to address decline in Agric sector

Vice President, Dr. Mahamudu Bawumia has bemoaned the declining contribution of the Agricultural sector towards the country’s Gross Domestic Product (GDP).

The sector in the year 2009 was the biggest contributor to the county’s GDP but it has however declined in the subsequent years. In 2009 it stood at 29.8% but was measured to be 18.9% as at the end of 2016.

Dr Bawumia argues that the fast improvement of the sector is crucial for the country to attain industrial transformation.

Speaking at the Agric and Agribusiness Investment Forum, Dr. Bawumia stated that the 2018 budget will ensure the progress of the sector.

“The 2018 budget will help address some of the key challenges in the agric sector, it is important this is done so that the economy can be transformed through agriculture”.

He added that government will continue to ensure that it works hard to ensure the needs of farmers are addressed

“Our plans are aimed at implementing programs that will quickly address the primary challenges of the agric farmer, such as the provision of quality seeds and fertilizers, when this is addressed it will translate into high yields and high incomes if the farmers.

Dr. Bawumia made these comments at the Agric and Agribusiness Investment Forum.

Meanwhile, US Ambassador to Ghana, Robert Jackson has tasked government to increase access to financing for farmers.

“We are here today because we recognize the important role of agriculture in Ghana’s economic development; we are also here because we recognize that we need to support the agriculture sector to reach its full potential”, he said.

He added, “There are two key things we must do, first is to increase access to finance and second is to empower farmers to be more competitive in the industry”