Agribusiness is a combination of the words “agriculture” and “business” and refers to any business related to farming and farming-related commercial activities. Agribusiness involves all the steps required to send an agricultural good to market, namely production, processing, and distribution.
The Ministry of food and agriculture has good news for people into agribusiness. Dr Owusu Afriyie has indicated in a Facebook post that the new Development Bank to be established and launched in July this year which intends to stimulate the country’s economy after the covid-19 economic shocks will give cash to set up or grow one’s business.
According to the Hon. Minister, agribusiness is key to getting our economy back on track, and those who are into agribusiness stand the chance of benefitting from a long term loan to help build themselves and the economy.
“Don’t sit back and complain there is no money and don’t say you don’t know anyone so you won’t give it try. Draft your proposals and put your best foot forward when the time comes”, he added.
It will be recalled that on 19th May 2021, President Akufo Addo of Ghana, Werner Hoyer, President of the European Investment Bank and Thomas Östros, Vice President, formally agreed EUR 170 million EIB backing for the new National Development Bank of Ghana. The EIB backing represents the largest ever engagement in Ghana by the world’s largest international public bank and most significant support for a national development institution in Africa.
Once operational in the coming weeks the National Development Bank of Ghana will increase access to long-term finance and boost job creation for thousands of businesses in key sectors, including agribusiness, manufacturing, ICT tourism and other services across Ghana.