UBA to invest in agric sector

The United Bank for Africa (UBA) Ghana says it will channel enough of its funds to support local farmers to enhance national food security.

The Chief Executive Officer of the Bank, Edgal Gabriel who made these known at the opening of a six-day entrepreneurial training workshop in Accra, explained that agriculture and the development of Small and Medium Scale Enterprises (SMEs) are critical to the growth of African economies and that UBA is at the forefront to support initiatives in these areas.

“Our huge investment in these sectors is driven by our mission to be a model for African business and by our philosophy to do well and do good,” he said.

The workshop which is under the theme: ‘Growing Businesses’ is being organised in collaboration with EMPRETEC Ghana Foundation and United Nations Conference on Trade and Development (UNCTAD) and is aimed at identifying SME businesses and providing them with tools and entrepreneurial skills to enable them develop their businesses, generate employment and create wealth for Africans.

“The workshop for SMEs is most appropriate at this time when the government has committed to push for economic empowerment generation, poverty alleviation and food security,” Mr. Gabriel said.

Ghana’s agriculture sector provides livelihood for more than 60 percent of the estimated 22 million population and create jobs for over 40 percent of the people in the job market.

Concerns have been raised about government’s limited contribution toward the development of the sector. Agricultural Producers have little access to financial resources and modern technologies which have become a major inhibiting factor affecting the growth of the sector.

Statistics have shown that a sizable percentage of all business in Africa fall under the SME category and contribute approximately 40 percent of Gross Domestic Products (GDP) of most African countries.

However, research indicates that in Africa, gaps in terms of business and organisational skills, business enhancing behavior, attitude and lack of access to finance are some of the major factors hampering the growth of the SME sector.

Deputy Minister of Trade and Industry, Mr. John Gyetuah indicated that the country’s SME sector plays pivotal roles in creating dynamic, market-oriented economic growth.

The sector also employs the growing work force, alleviating poverty, increasing the tax revenue base and promoting socio-economic stability.

He therefore called for an effective public private partnership to find possible ways of addressing the problems faced by SMEs in the country.