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Ghana's economy has been largely supported by the agricultural sector, but this has not been fully exploited. Commodities, such as avocado, pineapple, coconut, sweet potato, cashew nut, among others, have great value in the international market, but do not have the same value. have not been exploited due to lack of funds to support the sector.
The Alliance for Development and Industrialization (ADI), a think tank, is proposing a US $ 2 billion commodity transformation fund for the agriculture sector. The US $ 2 billion fund is expected to support the entire value chain and adjustment structures such as community-level road infrastructure, farmers' support and contracts, storage, processing, packaging and marketing.
The US $ 2 billion that can be raised through bond issues in the international market could be used to finance the country's five commodities, such as avocado, pineapple, coconut and coconut. sweet potato, among others, which have enormous potential abroad.
In a press release issued in Accra, ADI is optimistic that this should not be the government's responsibility, but rather the responsibility of the private sector, which should be based on a surveillance system and a structural system. who could pay off the debt. It would also contribute to the development and expansion of the agricultural sector at the grbadroots level, by ensuring that value chain establishments in these industries are well established to pay for the facilities.
According to the statement, "this is just a replica of the Syno Hydro deal with Ghana's bauxite … we need the government's guarantee to raise the funds, because the cultivation of these crops would pay off. automatically".
The export of these products would provide the greenback essential to slow the rapid depreciation of the Ghana cedi, support the country's balance of payments and also improve the reserves.
According to the ADI, the bonds should have a term of 15 years, which would be reimbursed to potential investors through the export of these products.
The large-scale cultivation of these five products would also serve as a substitute for imports and feed the factories established by the government under the 1D1F program.
According to the ADI arithmetic, growing coconut for export of over 130,000 acres is expected to generate $ 250 million US per year over a 10-year period with 61,000 jobs expected. The cultivation of avocado on an area of 120,000 acres out of six It is expected to generate $ 700 million per year and create 24,000 jobs. The sweet potato on a 35,000-acre territory could generate $ 200 million a year and 14,000 jobs. Citrus fruits can generate $ 180 million a year out of a total of 95,000 acres, cashews could generate $ 40 million a year over the next six years, mangoes could generate $ 160 million a year With 3,100 jobs planned, pineapple, 150 million US dollars each year, essential oils could generate $ 135 million a year and create more than 25,000 jobs.
The IDA called on the finance minister to work diligently to create these bonds for the agricultural sector, considered the backbone of the country's economy.
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