Stabilising cedi : Perfect timing for ADB-Ekumfi project
Supply chain crisis, resulting from COVID-19 related measures as well as the Russia/Ukraine war seems to have no end in sight.
This is especially the case in the food sector where the situation has been compounded by fertiliser price increases, upward adjustments in oil prices as well as wildfires and bird flu in some countries
There have been numerous reports of empty shelves in Grocery shops, commodity price hikes.
But Agricultural Development Bank’s deliberate show of massive support to the agribusiness sector in Ghana, mainly the food and beverages sector cannot be better timed.
The support has enabled beneficiaries such as Ekumfi Juice Factory to optimise operations to meet local demand as well as exports.
The immediate benefits of this move include significant increase in import substitution and exports for forex gains as well as job creation for the youth and women.
ADB “put its money where its mouth is” – investments in agric and more agenda to enable a self-reliant economy
This support, many say must be emulated if Ghana wants to put some action to all the talk about currency stabilisation.
The global crisis is creating a global demand for food and Ghana has the potential to step in to promote subtitle and create international markets.
Estimates from Sea-Freight Pineapple Exporters (SPEG) indicates that Ghana is processing 30,000 acres of pineapple and can generate over $1.4 billion for the economy annually with an investment less than $180 million.
This the nation needs smart solutions for ‘Smart Economic’ diversification
Source: Ghana News
