The Board Chairman of the Agricultural Development Bank (ADB) Limited, Daasebre Akuamoah Agyapong II, has reiterated the commitment of the Bank to support the agribusiness sector to meaningfully contribute to the Ghanaian economy.
According to Daasabre Agyapong II, the Bank will continue to focus on its core mandate of agricultural financing to ensure the sector continues to contribute to the growth of the Ghanaian economy.
Speaking during a visit with Management to the Ghana Oil Palm Development Company (GOPDC) in Kwae-Kade in the Eastern region to familiarise with the operations of the company, Dasaabre Agyapong II said ADB will continue with its strategy of disbursing more loans to companies and individuals within the agribusiness value chain, in 2022, to further consolidate the positive contribution of the agricultural sector to the Ghanaian economy.
“We will continue to provide financial support to companies and industries, especially in the agribusiness sector to ensure food security and better economic growth,” he said.
Managing Director of ADB, Dr. John Kofi Mensah commended the company for their outgrower scheme which has helped in creating thousands of jobs for people within the catchment area of the Company.
“I wish to commend the company for its outgrower scheme, which has positively helped in creating jobs for the good people of Kwae-Kade and its environs,” he said.
He assured the company of the support of the Bank in expanding its operations to create more jobs and produce more products to meet both local and foreign demand.
The Managing Director of GOPDC, Mr. Gangadhar Shetty, commended ADB for their continuous support to the Agricultural sector over the years.
“We have enjoyed financial support from ADB over the years and this has positively impacted our growth as a company,” he said.
According to the Managing Director, GOPDC is working to meet the demands of the local market to help reduce the importation of oil onto the Ghanaian market.
The management of GOPDC assured the Board and Management of ADB that all financial support given to the company will be used for its intended purposes to positively impact on the Ghanaian economy.
“We hope to increase our production capacity in the coming years to meet the demands of the local market and help the government in its fight against inflation,” management noted.
The visit formed part of the ADB Board and Management’s strategy to interact with key customers of the Bank and have a first-hand assessment on operations of companies the Bank has disbursed loan facilities to over the period.
Ghana Oil Palm Development Company, GOPDC, which formerly belonged to the State, is now a member of the Siat Group of Belgium, specialised in the cultivation of oil palm, extraction of crude palm oil and palm kernel oil and produces refined specialty oils for use by the food industry.
The company has about 21,000 hectares of oil palm plantations, of which, about 13,000 ha have been developed for about 6,000 outgrowers.
In total, there are over 1,860,000 oil palm trees spread over a radius of 30 km, creating a direct or indirect income for above 50,000 people.
The Company is currently the producer of the Kings brand of vegetable Oil on the Ghanaian Market.