Germany to Partner Ghana in Agricultural Development

The German Ambassador to Ghana, His Excellency Christoph Retzlaff, has met with Ghana's Minister of Food and Agriculture, Hon. Dr. Owusu Afriyie Akoto, to dicusss ways the German Government can contribute towards the growth and development of the sector.

The two parties discussed amongst other things, how the European powerhouse can partner the private sector in order to support the development of Ghana's agriculture.

His Excellency Christoph Retzlaff, who announced this when he paid a courtesy call on the Agric Minister at his office last Friday, observed that there are great potentials in the country's agricultural sector which when tapped will inure to the utmost benefits of all Ghanaians.

He said Germany will readily support Ghana's agriculture particularly in partnership with the private sector to improve its growth and development.


Read Also: 66% of Rice Consumed in Ghana Imported

The German Ambassador to Ghana therefore commended the Agric Minister for his zeal and commitment towards his duty.

He therefore requested that the Ministry furnishes him with government's plans and proposals towards revamping the agricultural sector so that his government can adequately contribute.

On his part, the Food and Agriculture Minister welcomed the idea and expressed government of Ghana's readiness to partner Germany in the development of the agric sector.

He said the government under the leadership of His Excellency Nana Addo Dankwah Akufo Addo, made a promise to Ghanaians to modernize the agricultural sector and create jobs for the teeming youths, adding that any effort geared towards the the fulfilment of that objectives will be gladly welcomed.

"Our President is passionate about the development of the agric sector and the creation of jobs, we will therefore not hesitate at all in making sure that objective is fulfilled," the minister emphasized.

The Minister had earlier on met with Ambassadors from Canada, Sweden and other developing partners.

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BEIGE’s Mike Nyinaku adjudged The Most Influential Young Ghanaian Business Leader

The Chief Executive Officer of The BEIGE Group (TBG), Mike Nyinaku, has been adjudged The Most Influential Young Business Leader in Ghana. This follows a poll organised by Avance Media, a rating agency, on the 50 Most Influential Young Ghanaians.

The ranking poll was categorised into Business, Entertainment, Law and Governance, Leadership and Civil Society, Lifestyle, Media, Science and Technology, among others.

The 50 Most Influential Young Ghanaian ranking is an initiative of Avans Media in partnership with Reputation Poll, EOD Partners, Jaguar Designs, CELBMD Africa, My Naija Naira, Dream Ambassadors Foundation GH, iCare Hub Africa, Global Skill Exchange, Core Foundation, and Project Know Thyself International.

Speaking on the exercise, the Managing Director for Avance Media, Prince Akpah, extended his appreciation to all those who participated in the polls. He also used the opportunity to encourage the youth to take a cue from the lifestyle and inspirational stories of these young achievers who are defining youthfulness in Ghana and beyond.

Reacting to the news on the ranking, Mike Nyinaku said: “I’m humbled. And I’d be quick to note the weight of responsibility such honours put on me. I pray for strength so I do not let Ghana down”.

Mike also used the occasion to encourage all young people to keep pushing themselves towards their aspirations remarking that “work as though your last breath depended on it.” The overall most influential young Ghanaian was won by the ace Investigative Journalist, Anas Aremeyaw Anas.

After receiving nominations from the public during its nomination process, Avance Media chose 50 of the Most Influential Young people who are blazing trails in various categories introduced under the ranking.

Mike Nyinaku founded The BEIGE Group (TBG) in 2008 after a successful career as a professional accountant with OIC International-Ghana (OICI-GH) and Deloitte & Touche (D&T) for 10 years.

TBG is a financial services provider with business interests in Banking, Pensions, Insurance and Investments. Together with its subsidiaries and affiliates, TBG is providing direct employment to about 4,000 people and serving a clientele base in excess of 600,000 clients.

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AfDB President Advocates Improved Finance for Africa

The President of the African Development Bank (AfDB) has called for improved access to financing to accelerate the transformation of African economies.

Mr Akinwumi Adesina said this was likely to improve the quality of life of African populations.

Speaking before African leaders at the Africa-France Summit, which took place in Bamako on January 13- January 14, Mr Adesina said Africa could speed up its economic transformation through the Bank’s five main priorities: “The High 5;” “Light up and power Africa;” “Feed Africa,” “Industrialise Africa,” and “Integrate Africa.”

These five key priorities are aligned with the Sustainable Development Goals (SDGs) and the African Union’s Agenda 2063, as demonstrated by an independent evaluation conducted by the United Nations Development Program (UNDP).

Mr Adesina, however, noted, in a release copied to the Ghana News Agency that the resources needed for Africa’s economic transformation were enormous and that was why the AfDB was poised to launch the Africa Investment Forum designed to create a space where supply and demand could meet.

Advocating  agro-industrialisation and involvement of young people in the sector for the future, he said: "The solution to the migratory crisis is in Africa.”

This was why the Bank launched the "Enable Youth" programme, which would help create 1.5 million jobs in 30 countries, helping to retain young people in Africa.

Mr Adesina also highlighted the need to reduce areas of fragility.

“That is why the Bank launched recently the Forum on Resilience in Africa, which will enable us to achieve the Top Five in 10,000 communities in 1,000 days, with an immediate impact in fragile areas.

"Let's mobilise and make the High Five reality in order to unleash the potential of Africa," he said.

The President of the AfDB thanked donors for their commitment to support the African Renewable Energy Initiative, a joint initiative with the African Union that is now fully operational.

Its aim is to accelerate and increase the enormous potential of Africa in the field of renewable energies.

The European Union has already committed € 3 billion, plus € 6 million from France and € 2 million from Germany.

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66% of Rice Consumed in Ghana Imported

The latest Oxford Business School report has revealed that only 34 percent of rice consumed in the country is produced locally, resulting in the importation of 680,000 tonnes annually.

Read Also:  University of Ghana MIS Web Portal and Sakai

Even though the country’s domestic production has increased by 12 percent over the 2010-15 period, states the report, domestic consumption increased by double that rate over the same time frame. As a result, Ghana imports between $300 million and $500 million of rice annually.

The report further states that, between 1999 and 2008, rice consumption grew from 17.5 kg to 38 kg per capita and is expected to reach 63 kg per capita by 2018. With population growth, urbanisation and shifting consumer preferences, demand for rice is expected to continue expanding in the coming years.

Reversing the country’s import-dependence has been a tough nut to crack by successive governments of the fourth republic, with a number of initiatives failing to boost local rice production to appreciable levels.

In 2008, under President John Kufour, the National Rice Development Strategy (NRDS) was out doored, with the goal of doubling rice production by 2018 and improving quality to increase demand for domestic rice.

As part of the NRDS and the Food and Agricultural Sector Development Policy II, adds the report, the government provided extension services, stabilised prices through the National Buffer Stock Company, which was formed to intervene in staple markets such as maize and rice in order to set minimum prices at the beginning of the growing season.

The erstwhile government under President John Mahama also introduced a number of programmes. In the 2015 budget, the rice production sub-sector received GH¢22 million to boost rice production.

Also under the Enhanced Access to Quality Rice Seed Initiative, 200mt of improved rice seed were distributed to 10,000 farmers in the Volta, Northern, Upper East and Upper West Regions to increase productivity.

Again, to boost local rice production, 77 tractors, 49 power tillers, 20 rice threshers, 11 rice reapers and six rice mills with their respective components were assembled and sold to farmers.

In addition, 100 units of Cabrio tractors, with multi components, were assembled for sale to farmers on hire purchase. But a number of challenges continue to bog down the sector, including the lack of adequate rice mills.

In the Northern Region, for example, where nearly 40 percent of the country’s rice is produced, thousands of bags of rice are locked up in warehouses due to the unavailability of mills to process the commodity, a situation that has compelled the farmers to use manual means of rice processing, which do not meet market demand.

In an interview with the B&FT at last year’s Rice Festival, Mike Bartels, German Cooperation—Green Innovation Center for The Agriculture and Food Sector, Ghana, said there is tremendous opportunity in the rice industry if the private sector increases its participation.

“We believe that there is a huge potential in rice production in Ghana which is untapped. I don’t believe that it is the task of only the government to promote the local rice industry.

It is the responsibility of the government to create a conducive framework for innovations that work so that the private sector takes over the task of investing in machinery and logistics that will help the industry thrive,” he said.

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National Friday Wear Program Creating Jobs For The Chinese

The Chairman of the Textile Workers Union, Abraham Koomson claims the National Friday wear program has created jobs for Chinese textile manufacturers and not Ghanaian textile industry players.

Speaking to Onua Business News, he said even though the campaign to wear African prints on Fridays has been a success, the objective of creating jobs through the extensive use of local fabrics is yet to be realized.

The National Friday Wear programme is an initiative launched in November 2004 with the aim of projecting a unique Ghanaian identity through the use of local fabric and designs as business wear.

The programme, initiated by the Ministry of Trade during the Kufuor administration, sets aside Fridays for all public officers and the private sector, as much as practicable, to wear locally designed garments produced from locally manufactured fabrics.

It was part of a comprehensive programme to promote made-in-Ghana goods and to revitalise the textile and garments industry. Years down the line, the initiative seems to have been a success as people are seen even on days aside Fridays wearing African clothes to the office.

However, a chunk of the African prints are imported from China, creating employment for the Chinese. Some of the fabrics are also pirated designs from Ghanaian textile manufacturers.

This has become a challenge for the local textile industry with some laying off workers as they are unable to compete with the cheap products being imported and sometimes smuggled into the country.

Commenting on the issue, Mr. Abraham Koomson says most of the smuggled textiles come through unapproved routes at Ghana’s borders, whilst others are taken through the borders with the connivance with some custom officials.

He was however hopeful that the minister designate for Trade and Industry , Alan Kyeremateng will help resolve these challenges.

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Businesses Lament Over 25.5 % Policy Rate

Private sector businesses and economists want the Bank of Ghana to review its stance in pegging the policy rate at 25.5 percent in January 2017.

They argue that the development is less likely to compel commercial banks to adjust their respective rates on loans and advances to customers.

The Monetary Policy Committee of the central bank in its first meeting for 2017 kept the policy rate unchanged at 25.5 percent.

Governor of the Central Bank, Dr. Abdul Nashiru Issahaku cited concerns over inflation outlook and exchange rate volatility.

But reacting to the position, Economist Professor Godfred Bokpin described the Bank of Ghana’s decision as a clear indication of the central bank’s pessimism of the performance of the economy.

“I think that looking at the stance that the MPC has taken over the last couple of months, it is not surprising because they seem to be a bit more pessimistic about the economy than the other data seem to suggest and for which reason they have decided to keep the policy rate at 25.5%.” he said.

According to him, prevailing economic conditions such as a drop in inflation should have prompted a drop in the policy rate to ease cost of accessing credit by businesses.

“Ideally, if they had reduced it even marginally, it would have been consistent with what we are observing. But I think that with the new government and the goodwill, I want to believe that we are better positioned to be able to contain the threat of inflation better than we have seen in the time past and therefore the inflation expectation would not be that high.”

Meanwhile the Private Enterprise Federation has insisted that the rate is still high.

The CEO of the Federation, Nana Osei Bonsu explains that the figure must be reviewed downwards to support private sector growth.

“For the policy rate, I think it is misguided; uncalled for and it should be reviewed in prudent manner where it allows private sector to get the liquidity to do their investments.”

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