Thursday, February 10, 2011

EDIF to disburse GH¢56.91m to Ghanaian firms

The Export Development and Investment Fund (EDIF) is hopeful of disbursing approximately GH¢56.91million for the year 2011 to promote the growth of small businesses in the county, acting Chief Executive Mr. Agyabeng Antwi-Agyei said.

This amount, which consists of both grants and credit components, will be aimed at boosting the export trade finance sector.

EDIF budgeted support for small businesses in 2010 was GH ¢40.0 million; disbursement for the year however exceeded the budgeted amount, with total disbursements coming to GH¢55.12million.

Mr. Antwi-Agyei at a media interaction in Accra said: “In line with the government’s policy to turn the savannah regions of Northern, Upper East, Upper West, Volta and Brong Ahafo into a mango production hub, EDIF has developed a five- year mango development plan targetted at financing the cultivation of 20,000 acres of mango over the period 2009-2013.”

“As part of the project, key infrastructure along the mango value chain such as the pack houses and a processing facility would be provided. These will ensure international market certification requirements are met as well as reducing post-harvest losses to the barest minimum through value addition to non-exportable fruits,” Antwi-Agyei revealed.

The estimated cost of the project is GH¢52,240,205 and as at December 2010, the EDIF Board had approved a total amount of GH¢8,276, 800 for the cultivation of 6,600 acres of mango in 32 districts - providing direct employment to over 1,800 people.

To ensure a ready market for the fruits, a strategic marketing partnership has been reached with Minor, Weirs and Willis – a British Produce Buying Company, to purchase the produce.

Under the deal, the British firm is expected to provide a large clientele ready for Ghanaian farm produce that meets UK market standards.

The agreement is expected to generate a total revenue of GH¢46.03 million by 2013, increasing to about GH¢184.2 million by the close of the project in 2017.

“Ghana has the potential to produce about 300 different farm products out of the 600 product lines of the company, hence the decision of EDIF to concentrate on the agriculture sector,” Antwi-Agyei emphasised.

“Considering the long gestation period of mango farmers, in the early stages of the plantation will be supported to inter-crop their farms with groundnuts, soya-beans and sunflowers to improve their income.

“The country has long depended on Cocoa and EDIF is ready to support diversification into mango production, Antwi-Agyei said.

EDIF was established in October 2000 to make financial resources available for the development and promotion of Ghana's export trade. It has to date provided GH¢157.27 million to support 227 projects across the country.

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