ADB invests GH¢100m in PFJ, GH¢300m in NAFCO

The Managing Director (MD) of the Agricultural Development Bank (ADB), Dr John Kofi Mensah, says the bank remains committed in ensuring that the agriculture sector continues to play its critical role in the national economy.

He disclosed that since the launch of the government’s flagship Planting for Food and Jobs (PFJ) programme, it had supported with GH¢100 million for the purchase of fertilisers and certified seeds.

According to him, the bank approved a total working capital of GH¢160 million last year to the National Food Buffer Stock Company Limited (NAFCO) to buy off excess produce from farmers under the PFJ to support the school feeding programme.

Dr Mensah added that within the past four years, the bank had approved a total working capital of GH¢300 million to the NAFCO to purchase mainly grains under the PFJ.

He assured the bank would collaborate with the MoFA and other stakeholders to address challenges facing the poultry industry in the country.

“We remain committed in ensuring that agriculture sector continues to play its critical role in the national economy,” the ADB MD assured.

Dr Mensah disclosed that the bank, through its corporate social responsibility budget, would embark on youth entrepreneurship support programme this year to equip the young ones with the requisite skills which would enable them to venture into the agricultural sector.

He called on the Ministry of Food and Agriculture to make the Bank the receiver of all bulk concessional funding in agriculture in the country.

The ADB MD said this would enable the bank to increase its support for farmers and fishers nationwide to develop the agriculture sector.

His call comes on the back of Dr Owusu Afriyie Akoto’s appeal to the management of ADB to increase the bank’s support to the agriculture sector to boost production.

The Food and Agriculture Minister said he was saddened by the little interest shown by some banks in agriculture despite its prospects.