The Managing Director and Chief Executive Officer, CEO, of Fidelity Bank, Edward Effah, has stressed the need for a comprehensive agricultural master plan to improve agribusiness in Ghana.
Mr. Effah, made the assertion at the 2015 Agribusiness Investment Summit organized by the USAID at the Moevenpick Ambassador Hotel.
Speaking at the event, Mr. Effah stated that “Ghana as a country does not have a comprehensive Agricultural master plan and this is a problem for continuous development of the sector.”
According to him, “Ghana can learn a lot from Malaysia which has a consistent agriculture strategy and has been successful in exporting farm products for over 50 years. The country has built capacity in the agriculture sector and invested across the value chain of their crop production.”
Mr. Effah further stated that there are too many fragmented projects which do not bring the best out of the country.
“We need a master plan to resolve these problems in the agricultural sector which currently contributes 22 percent of Ghana’s GDP and generates about 45 percent of our foreign exchange,” he said.
Touching on the perceived high interest rate being charged by banks, Mr. Effah explained that banks do not generate interest rates by themselves adding that “if government issues Treasury bill rate at 25 percent, the banks cannot lend at any rate lower than that.”
Mr. Effah reiterated Fidelity Bank’s commitment to help grow the agricultural sector and Small and Medium Scale Enterprises (SMEs) through financing.
The Agribusiness Summit was held under the USAID-Financing Ghanaian Agriculture Project (USAID-FinGAP), a five-year project with the goal of facilitating finance and investment in the soy, rice, and maize value chains in the North of Ghana, and improving ancillary services.
The 2nd edition of the summit was on the theme “Overcoming obstacles to unlocking agricultural investment in Ghana.”