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Business News of Wednesday, 26 August 2020


ADB to lend GH¢50m to outgrower farmers for two 1D1F projects

Dr. John Kofi Mensah, Managing Director for ADB Dr. John Kofi Mensah, Managing Director for ADB

Leadership of the Agricultural Development Bank (ADB), has said the bank will support outgrower farmers supplying raw materials to factories under the government’s flagship One District One Factory (1D1F) initiative.

ADB’s Managing Director, Dr. John Kofi Mensah explained that industries established under the One District One Factory policy in need of agricultural support, can be rest assured of the preparedness of the Bank to provide the needed financial support so they operate at optimum level.

At the commissioning of the Ekumfi Fruits and Juices limited and Casa De Ropa Limited in the Central Region by President Nana Addo Dankwa Akufo Addo , Dr. Kofi Mensah said the bank will soon disburse an amount of about ¢50 million to outgrower farm companies operating within the catchment areas of the two factories.

“These factories need 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 IDIF factories so they can supply these factories with the needed raw materials”, he said.

According to Dr. Kofi Mensah many companies established in the past have not performed to full capacity or even survived due to lack of raw materials hence the decision by the bank to support the outgrower farmers to ensure the availability of raw materials to sustain the factories and create more jobs.

Dr Mensah said the 1D1F initiative by the government of Nana Akufo Addo is the biggest industrial programme in recent years with 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 new direction of the Board to ensure the Bank focuses on its mandate of agribusiness financing,” he said.

He commended President Akufo-Addo for his foresight and vision of the 1D1F initiative and assured him of ADB’s support towards all initiatives aimed at making Ghana food sufficient.