ADB takes major step to reduce import of chicken; invests GHC500 million in poultry industry
- The Agriculture Development Bank has announced plans of injecting GHC500 million into Ghana's poultry sector
- The move is to provide support for the industry and make it globally competitive
- Six out of 16 regions have been selected for the first phase of the project
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The Agricultural Development Bank (ADB) is set to inject GHC500 million into Ghana’s poultry industry.
The support is packaged as a loan to assist poultry farmers in six regions of Ghana in order to grow the industry.
It is also intended to make the poultry industry globally competitive.
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Per a report by citibusinessnews.com, Ghana’s annual import of chicken stands at over $300 million.
YEN.com.gh understands that ADB has already approved $25 million for six broiler value chain players to produce and process over a hundred thousand birds per week in the Bono Region.
The Managing Director, Dr. John Kofi Mensah, noted that “it is obvious that when you look at the poultry value chain, you are thinking of hatchers who produce the day-old chicks. We are thinking of actual production which in the lay man’s language is about rearing of birds especially broilers. Then broilers have to be fed and so we are thinking of feed millers and feed millers mostly use cereals like maize and soya bean. Because it’s a value chain we are also looking at the processing of the matured broilers.”
He added that the six regions to initially benefit from the package are the Bono Region, Ashanti, Eastern, Central, Greater Accra and the Western Regions.
Dr. Mensah went on to say that the loans will have an interest rate of less than 10% to help reduce the price of the local chicken.
In other news, ADB recorded a drop of 36% in profit level in the First Quarter of the year 2020.
The 2020 Q1 result of GHC13.3 million was, therefore, lesser than the GHC20.826 million recorded during the same period in 2019.
Information available shows that this was revealed in the statement filed to the Ghana Stock Exchange (GSE).
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Source: YEN.com.gh
