Investing in agribusiness is still our topmost priority – ADB


Agricultural Development Bank has donated outboard motors worth 20 million cedis to some fisher folks along the coast over the weekend.

According to the Managing director of the Agricultural development bank (ADB) Dr. John Kofi Mensah, the bank will continue to focus on investing in agribusiness and farmers despite the outbreak of the global pandemic.

The bank recently provided outboard motors worth 20 million cedis to some fisherfolk along the coastal belt of the country to aid in their daily fishing activity.

Speaking to the media Dr. Mensah said the prices have been heavily subsidized to help the fisher-folk acquire them to enhance their fishing activity to make life easy for them.

“ADB has placed itself recently to move very hard to push agribusiness. And this includes crops, animal rearing, commercial tree planting, poultry and the fishing industry. It also includes those who engage in fish pond farming and most importantly our fishermen who ply the sea. They are in numbers, all along the coast so we decided to commit twenty million cedis into this project. We avoided all the fees and commission that a private person who would have imported will encounter,” he said.

According to the Minister for Fisheries and Aquaculture Development, Elizabeth Aforley Quaye, the collaboration with ADB demonstrates how the government is committed to growing the agric sector.

“There is a clear demonstration of the government’s commitment to supporting the fisherfolk. Since we came, we have done so much to assist them and this is a clear demonstration of the support that President Akufo-Addo assured the fisherfolk. In the history of the Agric bank in the procurement of outboard motors, this is the biggest number that the Bank has ever procured. So, this is a feather in the cap of the President,” she said.

Fisheries constitute an important sector in the national economic development, as it is estimated to contribute 3% of the total GDP and 5% of the GDP in agriculture.

Also, about 10% of the country’s population is engaged in various aspects of the fishing industry.

Currently, the new fishing license fee approved by the Ministry of Finance and Economic Planning is US$ 200 per gross registered tonnage.

However, the kind gesture of the ADB comes after it announced a 500-million-cedi package to boost local poultry production.

By Amos Ekow Coffie |


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