According to the bank's managing director (MD), Alhaji Alhassan Yakubu-Tali, the Agricultural Development Bank's loan portfolio for the agricultural sector now totals more than GH1 billion cedis.
The sum does not include non-funded facilities such as guarantees and letters of credit given for the purchase of agricultural supplies, machinery, equipment, and raw materials.
Massive investments were made throughout the years as part of plans to get the bank back on track with its original goal of providing financial intermediation to the agricultural sector.
Kindly call
When the MD paid Bryan Acheampong a courtesy call to congratulate him on his appointment as minister of food and agriculture, he revealed this.
He said that because of difficulties and an elevated degree of risk in the agriculture industry, several financial institutions, such as banks, often According to the bank's managing director (MD), Alhaji Alhassan Yakubu-Tali, the Agricultural Development Bank's loan portfolio for the agricultural sector now totals more than GH1 billion cedis.
The sum does not include non-funded facilities such as guarantees and letters of credit given for the purchase of agricultural supplies, machinery, equipment, and raw materials.
Massive investments were made throughout the years as part of plans to get the bank back on track with its original goal of providing financial intermediation to the agricultural sector.
Kindly call
When the MD paid Bryan Acheampong a courtesy call to congratulate him on his appointment as minister of food and agriculture, he revealed this.
He said that because of difficulties and an elevated degree of risk in the agriculture industry, several financial institutions, such as banks, often "Under the planting for food and jobs and 1DF1 programmes, the bank invested about GH251.83 million to assist a number of workable initiatives, including the procurement of certified seeds and fertilisers, among others.
"To ensure food security, the bank has disbursed over GH460 million to NAFCO (Buffer Stock) between 2018 and date to ensure consistent food supplies under the free SHS program," he continued.
In the fishing industry, the bank supported the importation of 1,300 Yamaha outboard motors as well as fishing equipment for fishermen at a cost either under lease financing or through direct sales in collaboration with the Ministry of Fisheries and Aquaculture Development and the Coastal Development Authority.
The bank also paid all incidental and related expenses totaling roughly GH$7.0 million, while the tree crop subsector received funding totaling more than GH$485 million for plantings of rubber, oil palm, and mangoes.
Alhaji Alhassan Yakubu-Tali went on to say that the ADB had worked with risk-sharing incentive companies like GIRSAL as part of a strategy to lessen the risk that the bank would bear as it looked to increase its investment in the agriculture sector.
He said that the bank has demonstrated its dedication to the industry by serving as the National Best Farmer Awards' primary sponsor since 1987.
"The Bank's involvement and ongoing support of these events throughout the years is incontrovertible proof of its commitment to help farmers and fishermen and stay focused.
on its basic goal of giving the agriculture industry financial intermediation," he stated.
The MD assured the audience that the bank would keep working with the administration to guarantee national food security.
Collaboration
The minister promised to keep working with the bank and other partners to provide farmers with greater assistance, including inputs and loan options.
He said that in order to guarantee that the country's output is in line with industry, the ministry was also creating a four-year, step-by-step roadmap.
In order to guarantee that farmers have the resources they need to boost productivity, Mr. Acheampong said, "MoFA is committed to strengthening its relationship with ADB."
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