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Business News of Thursday, 25 November 2021

Source: Stanbic Bank Ghana

Consistency in quantity, quality critical for realizing full benefits from agriculture - Kwasi Obeng

The agricultural sector will thrive if the quantity or quality of produces is maintained The agricultural sector will thrive if the quantity or quality of produces is maintained

Head of Business Development and Origination and Acting Head of Agribusiness at Stanbic Bank, Benedict Kwasi Obeng, has encouraged players within Ghana’s agriculture sector to be consistent in the quantity and quality of agricultural products if the country has to benefit fully from the sector.

Mr. Obeng said this at the Seventh Agricultural Industrialization Conference, organized by the Torchbearer International Agricultural Science and Technology (TIAST) Group in partnership with Stanbic Bank in Accra.

In his remarks, Benedict Kwasi Obeng noted that, “Stanbic Bank is truly delighted to be part of this initiative and we want to use it as an example to demonstrate our belief that for agriculture to benefit Africans, it has to be a market-to-farm approach, we have to organize our market and be consistent in our quantity and quality and then we can extract the maximum price possible from our produce.”

Mr. Obeng further mentioned Stanbic Bank’s partnership with the TIAST Group is aimed at ensuring value addition to cassava production and that farmers derive the maximum profit from the product.

“Our partnership with TIAST will ensure that Ghanaian cassava farmers are supplied with various cassava equipment to enable them to farm and process the farm produce. We will work with TIAST and ensure that the markets are properly developed and that our farmers don’t get saddled with low prices as cassava and rice currently brings in, but rather prices in the region of what the cocoa crop commands,” he said.

Mr. Obeng assured the farmers of the bank’s commitment to providing them with all that is required to make their work effective. He said, “Working with TIAST, we will ensure that we can have appropriate equipment, and provide the required support for the maintenance of the equipment. At the same time, they have committed to help us to build a global market for the final output of the cassava, whether it is starch or ethanol, as well as help us further process rice and rubber.”

Stanbic Bank Ghana, through its agricultural proposition, has been working to improve the agriculture sector across selected agribusiness value chains. The bank has over the years become a critical player in agriculture funding to assist in the rollout of enhanced agriculture services. The bank also has supports systems that augment the work of private extension in agriculture enterprise development.

Stanbic Bank Ghana is also working with its partners within the agribusiness sector to facilitate a USD$5.8 million funding for the construction of a cassava/starch processing factory in Jomoro in the Western Region of Ghana.