The Agricultural Development Bank PLC(ADB) is the lead bank for agricultural financing in the country.
Set up for the purpose of developing the agricultural sector, ADB with 86 network branches nationwide remains the only Bank in the country with branch locations in mainly agricultural prone areas like Sefwi-Wiawso, Juaboso, Dormaa Ahenkro, Enchi, Savelugu, Nkoranza, Goaso, Denu, Juapong, Sefwi Essam, Sogakope, Bonsu Nkwanta, Apemenim etc.
The Board and Management of the Bank in 2019 launched a three-year Strategic Plan, re-emphasising the bank’s agricultural focus with the aim of increasing its support to the agricultural sector from the current 28% total loan portfolio to about 50%.
To help in achieving this goal, the Bank restructured the then Agricultural Finance Department into an Agribusiness Division with a General Manager who is part of the Executive Management of the Bank.
The Bank also established a Business Support Unit to support the two departments under the Agribusiness Division and to coordinate the enhanced collaboration between the Bank and MDAs in the agricultural and allied sectors.
ADB has been a key partner and collaborator of several government programmes such as Planting for Food and Jobs (PFJ), Rearing for Food and Jobs (RFJ), Planting for Export and Rural Development (PERD) as well as the One District One Factory Initiative (1D1F).
The Bank invested about GH¢100.00 million to support the purchase of fertilizers and certified seeds under the Planting for Food and Jobs programme. The Bank has also supported the National Food Buffer Stock Company Ltd with an amount of GH¢70.0 million to purchase grains produced under the PFJ.
The Bank has been an active partner for the implementation of the novel One District One Factory (1D1F). About 20 Companies have received financial support of over GH¢100 million.
The Bank has over the years imported outboard motors for sale to fishers at cost either under lease financing or through direct sales. The Bank in supporting the Fisheries sector imported 1,300 outboard motors made up of 1200 (40HP) and 100 (15HP) Yamaha products at a cost of GH¢19.8million for the Ministry for Fisheries and Aquaculture Development and the Coastal Development Authority. The Bank absorbed all incidental and related costs amounting to about GH¢7.0 million which will have been a cost to our Fishers.
To further contribute to government’s effort at reducing the importation of poultry into the country, the Bank this year announced the implementation of the Broiler Revitalization Programme. The initiative aimed at investing a total of GH¢500.00 million of loans in businesses in the broiler value chain to help achieve the following:
- Serve as import substitute for the huge volumes of poultry products imported into the country annually
- Provide employment to a number of youth (a minimum of 550) in each of the regions where the scheme would be implemented
- Provide healthy and fresh protein sources for Ghanaians
- Engender the production of maize and soya beans, major feed ingredients for broiler production
- To adequately feed the Hospitality Industry
The project was to be implemented in six regions of the country namely Bono, Ashanti, Eastern, Central, Western and Greater Accra Regions. Funds were disbursed in for the pilot programme in the Bono Region.
ADB has since 1987 been the lead sponsor of the National Best Farmer Awards. The Bank’s association and continuous sponsorship of these events over the years is incontrovertible evidence of its commitment to support our gallant farmers & Fishers and also an indication of our desire to remain focused on our founding mandate to provide financial intermediation to the agricultural sector.
The Bank hitherto provided previous national best farmers with fully furnished three bedroom houses at places of their choice. In 2017, following strong advocacy and presentations by the Ministry of Food and Agriculture, Past National Best Farmers, a decision was taken to change the first price to cedi equivalent of US$100,000.00.
This is to enable the award winners invest the fund to expand their businesses and provide additional employment. So far the Best Farmers have prudently utilized their prize monies to expand their businesses.
The Bank has also received several recognitions for supporting the development of the agricultural sector, notably include the Best Cocoa Financing Institution, the One District One Factory Financing Institution, Industry Leadership Award in Agricultural Financing, Corporate Social Responsibility Award, etc.
We believe in agribusiness for wealth creation and the most prudent and sustainable approach is the adoption of a well-balanced and integrated social and economic development programmes. To this end the bank would continue to support industries, education and health programmes through its lending and Corporate Social Responsibility programmes.