The Managing Director of the Agricultural Development Bank (ADB), Dr John Kofi Mensah, says the indeginous bank will support Outgrower Farmers supplying raw materials to Factories under the government’s One District One Factory (1D1F) initiative.
According to Dr. Mensah, industries established under the One District One Factory in need of agricultural support can be rest assured of the preparedness of the Bank to provide the needed financial support so they operate at optimum level.
At the commissioning of the Ekumfi Fruits and Juices limited and Casa De Ropa Limited in the Central Region by President Nana Addo Dankwa Akufo Addo , Dr. Kofi Mensah said the bank will soon disburse about GH¢50million to support outgrower farm companies operating within the catchment areas of the two factories.
“These factories need constant supply of raw materials to remain in business and as our contribution to the IDIF we are giving out loans to especially outgrower farmers attached to the IDIF factories so they can supply these factories with the needed raw materials”, he said.
According to Dr. Kofi Mensah many companies established in the past have not performed to their full capacity or even survived due to the lack of raw materials, hence the decision by the bank to support the outgrower farmers to ensure the availability of raw materials to sustain the factories and create more jobs.
“Our association with such key government projects, especially those related to agribusiness, is a manifestation of the new direction of the Board to ensure the bank focuses on its mandate of agribusiness financing,” he said.
He commended President Nana Addo Dankwa Akufo-Addo for his foresight and vision of the IDIF initiative and assured him of ADB’s support towards all initiatives aimed at making the country food sufficient.