Minister for Trade and Industry, Hon. Kwadwo Alan Kyeremanteng has stated that agribusinesses will be benefitting from about GHS 500 million DBG Special Credit Programme over the next five years.
The Minister at the Ghana Free Zones Authority’s 3rd Annual Investment Week celebration at the Marriott Hotel in Accra on Wednesday, December 7, 2022, made the above revelation as part of ways to gear Ghana into the investment world.
“A crucial aspect to these initiatives is access to funding, especially for our local investors and private sector. Government in this regard has made considerable provision through the Development Bank Ghana (DBG). This has resulted in the establishment of a GH¢500 million special credit programme called the DBG Emergency Economic Programme (DEEP), to support businesses in the agribusiness value chain over the next five years.
The priority sectors for the GHS 500m Special Credit Programme are Poultry, Rice & Cereals, Pharmaceutical manufacturing, Tourism, Textiles & Garments.
“This fund can go a long way in supporting agro-based free zones enterprises that need financial assistance,” he stated.
Additionally, the Minister opined on Government’s plans to engage with private investors to get the agric sector working as it is supposed to in full strength to combat the current crisis businesses and even the global market is facing as a result of the Covid-19 pandemic and the Russia, Ukraine war.
Meanwhile, the Minister also threw more light on the government’s agenda of considering automotive components production of spare parts and their assembling in the country.
The new policy known as “Components Manufacturing Policy” expected to kick-start in 2023, is aimed at supporting the local production and supply of components and spare parts for the country’s budding automotive industry.
Making the disclosure, the Trade Minister noted that through the new policy, it is expected that the automotive industry will have access to ready and locally manufactured spare parts.
“The Automotive Assembly Programme presents investment opportunities for companies interested in this sector (automotive sector). The policy will be launched, and implementation will commence in 2023,” he added.