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Average base rate reduces by 1.9% in 10mnths …deposits drop by 1.5%

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The latest figures from the Bank of Ghana shows that banks’ base rates have dropped by 0.3 percent, bringing the year-to-date drop to 1.9 percent.

The monthly Annual Percentage Rates (APR) of interest charged on loans and credit advances and the Average Interest (AI) paid on deposits by banks show that the industry average base rate, as at October 31, was 25.7percent – a marginal decrease of 0.3 percent compared to 26 percent at the end of September.

At the start of the year (end-January), the industry average base rate was 27.6 percent, giving a year-to-date drop of 1.9 percent.

The average deposit rate as at October 31 was 10.4 percent, the same rate as at the end of September. At the start of the year (end-January), the average deposit rate was 11.9 percent; giving a year- to- date decrease of 1.5 percent.

The APR, according to the central bank, is the true interest rate banks and non-bank financial institutions charge the public on loans and advances.  It reflects the true cost of borrowing, and includes charges and commissions levied by banks.

“Average interest paid on deposits is the average interest paid by banks on deposits over the period. Base rate reflects the minimum interest rate that can be charged on loans and advances.  The publication of these rates is to promote transparency in the pricing and provision of banking services,” the statement added.

HFC Bank named best bank in custody services

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HFC Bank Ghana, a subsidiary of Republic Financial Holdings Limited has been recognized as the Best Pension Custodian Bank at the Ghana Accountancy & Finance Awards.

The Award is in recognition of the Bank’s enormous contributions in the Custody Services including Trade Settlements, investments collections, cash collection services, detailed valuation reporting and twenty-four hours turnaround time of customer complaints and enquiries.

Commenting on the recognition, the Acting Managing Director of HFC Bank Ghana, Mr. Anthony Jordan said that the Bank appreciates the delicate nature of the pensions business and has as such, invested heavily in the state of the art IT infrastructure to help run its Custody operations.

Mr. Anthony Jordan also believes that beyond the state of the art infrastructure, the professional, tailor-made and unparallel customer service offered by the Custody Services department contributed to the Bank’s recognition.

He therefore took the opportunity to recognize the work by the Custody Services Unit led by Elias Augustine Dey.

“Since the setup of the Custody Services Unit five years ago, the team has worked very hard to significantly grow their assets base to become a leading investment and pension custodian in Ghana serving Blue-Chip companies in the country’’ he noted.

The Acting Managing Director of the Bank thanked the individual and Institutional Customers for the continuous trust and custodial relationship with the Bank.

HFC Bank is the most diversified Bank in the country with services ranging from Retail Banking, Mortgage Banking, Commercial Banking, Corporate Banking, Investment Banking, Custody Services, Brokerage and Microfinance.

HFC Bank, as one of the leading mortgage service providers in the country, is also leading the way in the provision of pension-backed mortgage to meet the teeming demand for mortgages within the pension space.

HFC Custody Services was set up in 2012 under the Ghana Stock Exchange and also licensed by the National Pension and Regulatory Authority as Pension Custodial Services.

Over the five years, the Custody Services Unit has grown to become a leading investment and pension custodian in Ghana, serving some of the Blue-Chip companies in the country and a number of leading Public Institutions

Theo Pencil …where finesse is defined

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I was on Facebook when I saw the work of an artist with the signature Theo Pencil. The first of his work I set my eyes on was a picture of Africa’s illustrious son Nelson Mandela. I had to watch the art again to convince myself it wasn’t a photograph. His works are artistically designed with a finesse that shows that the man is adept at using the pencil. Read about him as he shares his journey with B&FT’s Inspiring Start-ups.

 Theophilus Boateng Sarpong is the second of four children born to his parents. He is a product of Firm Foundation Senior High, a private school in Sapeiman where he studied visual arts.

Theo, as he’s called by all, decided to move straight into art after completing secondary school. One might ask why he made such a decision – and simply put, his love for art moved him.

Theo Pencil takes off

From infancy, Theo loved art. He would spend time sketching anything he conceptualised or saw. So, he realised it was a God-given gift that he did not have to waste. That love for art inspired him to start his own business.

He began reading wide on the Internet about types of art and the tools and other materials needed to start. He felt particularly attached to hyperrealism, which is a genre of painting and sculpture resembling a high-resolution photograph.

From humble beginnings, he started his work at home. His father operated a shop in front of their house, and so each day Theo would station himself in front of his father’s shop and start his art. Passersby would pause and stand in awe to watch sketches of high-profile personalities that looked exactly like photos when seen from afar.

How his work stands out

Theo Pencil’s work is outstanding for one thing— his attention to detail. Theo ensures that any spot on the skin of any person which is visible to others who know him appears in the final work.

From grass to grace

There is an Akan proverb which when translated into English says: “quality sells”. Recall that Theo started his work at home: but shortly after, he got a space at the Accra Mall – Ghana’s first modern shopping mall. And guess what? It was given to him free of charge.

“I remember I went to the Silver Bird Cinema one day to watch a movie. There, I saw one artist display his products at the mall. I thought it would be also nice to have my work somewhere in the mall too. But I didn’t know how to go about it, because I knew I couldn’t pay.

“Surprisingly, that artist had seen my work on Facebook and sent me a message for us to meet. So, I approached him another time when I went there, and identified myself to him. He warmly welcomed me and I asked how I could get my products in the mall. Then he told me to bring some of my work so we could show it to management of the mall. I did that, and the lady managing the place just gave me a space free of charge – saying my products are superb.”

His work has caught the eye of all who glimpse it—both far and near. For instance, someone from Australia, whom he had never met, contacted him and said he loved his work and wanted to set up a website for him free of charge.

He has also had contracts from people in the United states who saw his work online, and he has been featured in a prominent newspaper in California – all because of his stupendous work.

Theo Pencil art can be obtained at a price starting a just GH₵199 and above, depending on the size and specifications of the client.

Challenges

Theo feels the main challenge of the art industry is a lack of deliberate effort by government to support the sector. It takes great solo efforts for artists to survive in the industry with no marketing platforms available to exhibit their products.

Also, copyright issues are another challenge confronting the industry. He sees that there are weaknesses in the legal system which makes the art industry susceptible to plagiarism.

Vision

The vision is big for Theo Pencil. As Margaret Fuller, an American journalist, once said: “If you have knowledge, let others light their candles in it”. Theo wants to follow that wise saying. He has plans of setting up an online Art Centre, where he will organise lessons and training for young people interested in art.

He also wants to continue rebranding himself to become an internationally recognised artist.

How can government promote the industry?

As noted in the challenges above, Theo feels government should be strict on copyright laws to protect the hard work of artists in the country, just as is done in developed countries.

He also suggests that government must periodically organise art expos where artists will get a chance to showcase their products to the world.

Advice to budding artists

“I would advise young ones interested in arts to be interested in research. They should read about it and put the ideas into implementation, then they will become successful.”

Contact Theo on 0543457132

Five-year broadband policy to be scrutinised

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The country’s five-year Broadband Policy has failed to make any progressive impact in the socio-economic future of the citizens, the Chief Executive Officer of the Broadband Communications Chamber (BBCC), Elorm Gustav Tamakloe has stated.

“The Chamber believes that Ghana’s current 2012 Broadband Policy and Implementation Strategy has lost the fundamentals in turbo-charging our socio-economic future. It has lost the ability to meet national Broadband needs, and has not been able to deliver fast and affordable Broadband to Ghana,” he said.

Addressing a media conference in Accra, Mr. Tamakloe referring to a 2016 report by the United Nations Broadband Commission, explained that the deployment of Broadband infrastructure should be a top priority to policymakers so as to quicken the attainment of the UN Sustainable Development Goals (SDGs).

“Last year, the UN Broadband Commission in a report issued a challenge to policymakers, the private sector and other partners to make deployment of Broadband infrastructure a top priority in their strategies to accelerate global development and progress toward the UN Sustainable Development Goals,” Mr. Tamakloe said.

He said the report revealed that Broadband technologies in the 21st century were “driving significant transformation in lots of sectors that are related to development – such as health, food security, financial inclusion and education”.

Mr. Tamakloe also expressed disappointment at Ghana’s inability to utilise the Broadband opportunity as a stimulant for socio-economic development.

“Sadly, Ghana is losing out. Ghana is being left behind. With approximately 9.9 million users, representing 34.7% of an about-29 million population, we can either choose to continue doing nothing or we can seize the Broadband opportunity as a catalyst for Ghana’s sustainable socio-economic development,” he added.

Benefits of broadband to the economy

For business, it means reduced travel costs, better access to services, information, partners and customers.

For the sick, it means remote diagnosis and care, reducing the need for hospitalisation – reducing pressure on the hospitals and healthcare services, he said.

Meanwhile, for the environment it means better planning and control of natural resources, especially energy and water supplies. “For industry, it means more efficient production and distribution. For schools, it means more access to information.”

Upcoming broadband stakeholder meeting

Stakeholders in country’s broadband communications industry are expected to converge in Accra on November 30, 2017, to dialogue on how to revamp the country’s five-year old Broadband Policy.

The move, according to organisers of the Broadband Ghana Forum, will afford stakeholders the opportunity to inject dynamism into the policy and also discuss issues relating to the industry.

Dr. Thomas Mensah, a renowned Ghanaian innovator of fibre-optic technologies, will be one of the key speakers, while Nokia, Huawei and CSquared are expected to present their ICT solutions at the maiden forum, which is expected to discuss issues including challenges and barriers to creating a fully digitally-enabled Ghana, new technology enablers, Internet of Things (IoT), among others.

Organised by the BCC under the auspices of the Ministry of Communications and themed ‘Broadband: The Catalyst for Sustainable Socio-economic Development’, the forum will have a series of presentations from key personalities and organisations under the sub-theme ‘True Broadband and the Possibilities It Brings’.

The Chamber is expected to present recommendations on guidelines and modalities for a complete review and update of the existing policy, taking into consideration new entrants and technologies in the broadband industry.

“The paradigm shifts we face today are profound, but our instinct is that the future is bright, the possibilities are exponential. Ghana has a lot to gain from universal broadband access only if we choose to let it be.

“We cannot reiterate enough how small businesses across the length and breadth of Ghana will be major beneficiaries as high-speed broadband revolutionises teaching in our classrooms, and healthcare in our medical centres and hospitals,” Mr. Tamakloe said.

Agric Marshall Plan unveiled

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  • 500,000 farmers for Planting for Food and Jobs
  • 50 dams under One Village, One Dam
  • 200 tractors to be distributed
  • GH₵400m insurance cover

The 2018 Budget has unveiled the much-anticipated ‘Marshall Plan for Agriculture (MPA)’, aimed at revamping the country’s abysmally performing agriculture sector to make it the true backbone of the economy.

Some of the initiatives under the plan include registering a total of 500,000 farmers under government’s flagship Planting for Food and Jobs programme, and also recruiting 2,700 extension agents to support it.

Again, government will distribute 200 tractors and matching implements, and 1,000 power-tillers and walking tractors to enhance agric mechanisation.

To address the challenges of irrigation, government will, in 2018, continue to facilitate and promote double-cropping by constructing 50 small dams and dugouts – making available an additional 147ha of irrigable land for crop production.

To also improve livelihoods of livestock farmers in all ten regions and increase meat production, 2,000 livestock farmers will be supported with 70,000 small ruminants (sheep and goats).

The ministry will also support six National Livestock Breeding Stations to produce and distribute 200 crossbred heifers, 1,700 improved pigs, and 100,000 cockerels.

In addition to the aforementioned, the Akufo-Addo Programme for Economic Transformation (AAPET) will establish a GH¢400million fund to de-risk the agriculture and agribusiness sector through sustainable agriculture financing and crop insurance schemes.

The AAPET is aimed at mobilising and leveraging public, private, and public-private partnership investments; modernising and transforming agriculture; and developing major infrastructure projects that support the agricultural zones of the country and industrialisation agenda of government.

It will also support the development of agribusiness start-ups through the establishment of a grant funding facility, and abolish duties on some agricultural produce processing equipment and machinery.

Historical performance and challenges

The sector, ever since recording growth of 24 and 50.8 percent respectively in the first and second quarter of 2013, has performed awfully. Growth of the sector took a sharp nose-dive into the negatives as it recorded -12.6 and -0.6 in the last two quarters of that year.

The negative growth continued in 2014 until the third quarter, when it grew by 28 percent, making it the first time it grew past industry and services since quarter four of 2012. Since then, however, it has never grown past the other two sectors – even though it has moved from the negatives.

In the second quarter of 2017 agriculture grew by 3.4 percent, whereas industry and services grew by 19.3 and 5.6 percent respectively.

The situation is even more dispiriting as far as the sector’s contribution to GDP is concerned. Apart from the third quarter of 2009 when it became the largest contributor to GDP by recording 41.9 percent, compared to 17.6 and 40.5 percent recorded by industry and services, it has never hit that peak again.

In fact, the latest GDP figures show that agriculture contributed 22.6 percent, whereas industry and services contributed 24.2 and 53.2 percent respectively.

From the above statistics, it is clear that the statement “agric is the backbone of the country’s economy” has become just a cliché, with facts and figures proving otherwise.

The abysmal performance of the sector has been blamed largely on financial constraints as lenders, especially banks, consider it high risk to lend to players in the sector.

Again, the absence of modern tools and technology for farmers has been another bane of the sector. Many farmers, in this era, continue to employ outmoded farming methods such as weeding with cutlasses and hoes instead of tractors; and harvesting manually, rather than using combine harvesters, among others.

Irrigation cannot be left out of the plight of farmers. Most farmers continue to rely on the rainy season, which limits their ability to farm all-year-round.

The above, and many other challenges, have been the cause of the sector’s slump over the years. It is against this background that government has unveiled the MPA to address these challenges and restore the sector to a path of growth.

Ecobank once again wins Best Bank awards

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Ecobank Ghana has for the fourth time won a prestigious banking award in this year. The bank emerged Best Bank in the Financial Services Sector (Banking) at the just-ended 6th AGI awards, which were held at the Banquet Hall of the State House.

With this, Ecobank has swept all the major awards organised locally and internationally this year. This makes Ecobank the most decorated and most successful banking institution in Ghana, having previously won the CIMG Bank of the Year, CIG Best Bank of the Year, and Euromoney Best Bank of the Year.  This feat is unparalleled, as no single bank has annexed all these key awards in a single year.

These achievements have largely been as a result of the bank’s stellar performances over the years, and for the 2016 financial year in particular. Ecobank closed the year with owners’ equity of over GH¢964million, total assets of GH¢8.1billion, profit before tax of GH¢462.6million, with a 15.29 percent capital adequacy ratio.

The bank has over the years made good returns to its shareholders with return on average equity (ROAE) and return on average assets (ROAA) averaging above 35 percent and 4 percent respectively over the past five years. The year 2016 saw the bank post ROAE of 35.4 percent and 4.4 percent ROAA.

To reciprocate the love and kindness of society and the environment, the bank pledges to continue conducting its business ethically while making substantial annual contributions toward helping to uplift the less-privileged, less-endowed and deprived people, institutions, communities and the planet, as a way of discharging its corporate social responsibility (CSR).

In pursuit of this, the bank accordingly increased its CSR disbursements to GH¢3.4million in 2016, which was 19 percent higher than the amount spent in the prior year.  Ecobank’s CSR is focused mainly on education, health, financial inclusion and socio-cultural events and community development programmes.

Going forward, the bank intends to continue leveraging its biggest balance sheet size to introduce more convenient, accessible and reliable products and services in line with its mission. Ecobank will also intensively drive its digital agenda, which has so far seen the bank release four innovative phone-enabled services, which include: the Ecobank Mobile APP, Scan + Pay QR Code, TBill4All, and the Ecobank Xpress Account.

These products enable customers to do banking on the go, saving them much-needed time to concentrate on their businesses while at the same time decreasing their transactional costs for banking.

Prez assures private sector of support in providing affordable housing

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President Nana Addo Dankwa Akufo-Addo has pledged government’s support for the housing sector, urging private entities to come on board to reduce the country’s growing housing deficit.

Speaking at the ground-breaking ceremony for commencement of the first phase of the affordable housing project at Appolonia City, located in the Kpone Katamanso Constituency, the President called the project laudable as it is line with government’s vision of addressing housing challenges in the country.

“The government, I believe, is the natural cheer-leader for the private sector, and we shall do all we can to provide an enabling environment for the private sector to flourish in Ghana. I promise the private partners of this project that Ghana will be a great place to do business under my watch.

“The project is in line with government’s vision of using an appropriate mix of public policy and private-public investment to deliver quality, affordable social housing, and private housing solutions that meet the needs and financial capacity of the ordinary Ghanaian. It is a laudable initiative, and I want to encourage others to emulate it,” he said.

With a housing deficit of over 1.7 million housing units, the Appolonia City project is one of several initiatives designed to ensure the construction of an efficient, cost-effective, and sustainable housing sector.

President Akufo-Addo also urged the project partners, including Ghana Home Loans, the mortgage providers, to adhere to the rules and regulations of the sector in order to ensure sanity and smooth implementation of the initiative.

The United States Ambassador to Ghana, Robert Jackson, commended the partners of the project, adding that the government’s support for such an initiative, goes to affirm its commitment to ending the housing crisis in the country.

He also applauded the President for tackling land title and property issues, which form a critical part of improving the real estate sector.

The first phase of the of the project will see Appolonia City, Accra’s new city development, in partnership with the country’s leading mortgage provider, build 100 units on a six-acre land, which is due for completion within 18 months.

The project will entail high-quality infrastructure, including tarred roads, ICT networking and integrated safety and security systems, as well as social infrastructure, such as schools, clinics, open green space and shops.

While Appolonia City is responsible for building the homes, Ghana Home Loans will focus on selling to its clients backed by a mortgage plan. The project will see multiple Ghanaian and foreign contractors engaged at various stages.

Appolonia City is a 2,325-acre (941-hectare) mixed-use and mixed-income urban development located just 20km from the centre of Accra. The project includes a variety of social infrastructure underpinned by world-class construction and estate management services.

Residential sales with a range of financing options are available by purchasing a plot to build your own house in Nova Ridge or an existing home at the Oxford development. Appolonia Business Park offers 70 acres (30 hectares) of modern commercial areas. The park is designed to accommodate a range of uses including manufacturing, processing, storage, logistics and service companies.

Budget to deliver jobs …As Agric, industry get boost

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Finance Minister Ken Ofori-Atta has unveiled government’s budget statement and economic policy for 2018, which outlines ambitious plans to create jobs, stimulate growth of the agricultural sector and industry, as well as consolidate gains made in the macroeconomy.

Job-creation has been high on the Akufo-Addo led administration’s agenda, which has outlined numerous policy initiatives in that regard.

Delivering the 2018 budget statement, Mr. Ofori-Atta unveiled the ‘Akufo-Addo Programme for Economic Transformation (AAPET)’ – a three-pronged economic development programme that is expected to accelerate investments in Agriculture, Strategic Infrastructure and Industrialisation.

“Under the programme we will modernise agriculture, improve production efficiency, achieve food security, and increase profitability for our farmers. The plan is to invest in the entire agricultural and agribusiness value chain, which will create new businesses and job opportunities in the sector,” he said.

With the agriculture sector said to employ as much as half of the country’s workforce, Finance Minister Ofori-Atta spoke of government’s commitment to enhancing the flagship Planting for Food and Jobs programme.

Addressing Parliament yesterday, the minister said next year 500,000 farmers will be registered and 2,700 extension agents recruited to support the Planting for Food and Jobs programme.

Having already distributed tractors and accessories to farmers and service providers to promote agricultural modernisation, Mr. Ofori-Atta revealed that government will distribute assorted farm equipment including tractors and matching implements, among others.

The agriculture sector last year grew at three percent, and provisional figures from the Ghana Statistical Service show that the sector’s growth is expected to reach 4.3 percent. With government targetting a growth of 4.5 percent for agric next year, it will be counting on policies such as the abolition of duties on some agricultural produce processing equipment and machinery, among others.

The Finance Minister also revealed that as part of the ‘Akufo-Addo Programme for Economic Transformation (AAPET)’, government will provide a GH₵400million fund to de-risk the agriculture and agribusiness sector through sustainable agriculture financing and crop insurance schemes, among other measures.

“Government will also invest in infrastructure that supports the opening-up of the country’s major agricultural zones – in energy and related infrastructure to accelerate the industrialisation agenda of government. Significant investments will be made in the road and rail sectors of the economy to facilitate trade and the movement of goods and people,” the Finance Minister stated.

Industry boost

The Akufo-Addo government has said it will pursue an aggressive industrialisation agenda that should further create enough jobs. As part of making that vision possible, the Finance Minister said government has recommended the Public Utilities Regulatory Commission cut tariffs of industrial and commercial consumers of power.

Those consumers, who range from medium- to heavy-users, are in line to benefit from tariff reductions of between 13 to 21 percent. The reductions are expected to incentivise the factories that are expected to be established as part of the One District, One Factory initiative.

“In 2018, government will allocate a minimum of GH¢2million for each district to implement the 1D1F. I am, by this, challenging local authorities in the various districts – together with the private sector, to take full advantage of these funds,” the Finance Minister said.

Also, a Stimulus Programme designed to support viable existing local companies that are currently distressed or are facing operational challenges but are deemed viable, Mr. Ofori-Atta said, has so far received over 350 applications from business operators – out of which 80 were assessed to be eligible for support in the programme’s first phase.

The second phase will involve provision of a stimulus package consisting of technical and financial support to these eligible companies, he said.

Nation Builders Corps

Mr. Ofori-Atta told Parliament that next year over 100,000 graduates will be taken on by government for implementation of the Nation Builders Corps programme, which he said will be a major government initiative to address livelihood empowerment and graduate unemployment to solve economic and social problems.

Under the Nation Builders Corps programme, graduates will be trained, equipped with the necessary work tools, and deployed around the country to be engaged in assisting public service delivery in health, education, agriculture, sanitation; and drive revenue mobilisation and collection.

Consolidating growth

According to Mr. Ofori-Atta, the economy has returned to robust growth, with the first half of the year recording 7.8 percent GDP growth as compared to 2.7 percent recorded in the same period last year.

While government said it is on course to meet the 6.3 percent growth target for this year, the 2018 budget is forecasting growth to reach 6.8 percent. The fiscal deficit target for next year has also been reduced to 4.5 percent, down from the 6.3 percent set for this year.

“We resolved to be fiscally disciplined and respect the limits this august House set for us within appropriation. Again, I am glad to report that we are well on course to end the year with a fiscal deficit of 6.3 percent; in fact, lower than the 6.5 percent contained in the budget. If I may add, this is only the second time in a decade that a government has managed to stay within its budget deficit target,” Mr. Ofori-Atta added.

Maintaining the producer price of cocoa was prudent – Ken Ofori Atta

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Ken Ofori-Atta, Minister of Finance

The Finance Minister, Mr. Ken Ofori Atta, has explained that government’s decision to maintain the producer price of cocoa for the 2017/18 crop season, at GH¢7,600 per tonne, was to minimise effects of the decline in price of the commodity on the world market, on cocoa farmers.

He said the drop in the international cocoa prices would have affected the earnings of cocoa farmers in the country, hence government’s resolve to retain the current producer price which represents 88.66 percent of the net Free On-Board (FOB) price of cocoa.

This he remarked that the development is a “clear demonstration of this Government’s commitment to enhancing the welfare of cocoa farmers.”

According to the Finance Minister, the average FOB price of cocoa in the past season witnessed a 30 percent decline from US$2,950 to US$2,080. This situation compelled other countries to reduce their producer prices of cocoa.

It would be recalled the Chief Executive of Cocobod, Mr. Boahen Aidoo, in a meeting with leaders of cocoa farmers, in Kumasi, said that the cocoa producer price for 2016/17, of GHS7,600 per tonne was pegged on the basis that the international price, which was averaged at $2,900. This was at a time the price volatility level was between $2,200 and $2,700.

However, he indicated that the volatility levels had reached $2,100 and $1,800 compelling government to peg a ton of cocoa at $1,900. He said given that about a $1,000 had already been lost, and in view of other price variations, this could impact adversely on the industry in the coming years.

Regardless of this development, he said the government will have to decide on the next producer price of cocoa while he indicating that about GHS2 billion will be needed for cocoa purchases.

But presenting the 2018 budget to Parliament, Mr. Ofori Atta said the US$1.8 billion syndicated loan used in purchasing 969,000 metric tonnes of cocoa for the 2016/17 cocoa season has been repaid while US$1.3 billion has been raised to purchase a projected crop of 850,000 tonnes for the 2017/18 season.

He said, “Government will initiate an inducement package to take care of bottlenecks in the customary land tenure system.” But while the government remains committed to improving road infrastructure in cocoa growing areas, he stressed that there is a ‘value for money’ audit to ensure that the tax payers’ monies are used judiciously and efficiently.

“Cocobod, over the past three years, awarded cocoa road contracts to the tune of GH¢5.1 billion against a budget of GH¢1.6 billion, resulting in an excess budget of GH¢3.5 billion.”

“As part of measures to promote industrialization, government modified the incentives to increase processing of cocoa in Ghana, through progressive discounts that incentivize tertiary processing. Thus, raising value addition to cocoa and creating jobs,” he added.

He also hinted that to ensure the long-term sustainability of coffee production, reforms in the marketing of coffee will be strengthened to assure farmers of a ready market and remunerative prices for the coffee produced.

The Shea unit of COCOBOD will remain pivotal in the implementation of these programmes. COCOBOD will, therefore, continue funding the Shea Unit as part of its operational activities to revamp the Shea industry, he said.

2,000 livestock farmers to receive support from government 

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The Finance Minister, Mr. Ken Ofori Atta, has said 2,000 livestock farmers will be supported with 70,000 small ruminants, sheep and goats, as part of efforts to improve the livelihoods of livestock farmers in the country.

In addition to this, he said the Ministry of Food and Agriculture (MoFA) will also support six National Livestock Breeding Stations to produce and distribute 200 crossbreed heifers, 1,700 improved pigs, and 100,000 cockerels.

The National Buffer Stock Company, according to the Minister, was revitalised to procure, store and distribute outputs from the Planting for Food and Jobs and other programmes of the Ministry.

The company in collaboration with the Agricultural Development Bank is said to have registered 553 licensed buying companies. This comes at the time government’s flagship “Planting for Food and Jobs” Programme (PFJ), has been described to have achieved tremendous success.

The PFJ has recruited 2,160 university graduates and 1,070 youth to register and provide extension services to farmers across the country.

So far under the programme, 201,000 farmers are said to have been registered as well as supplying 121,000MT of subsidised fertilizers and 4,454.98 MT of subsidised seeds of cereal, legumes and vegetables have been distributed to beneficiary farmers.

“The programme also registered suppliers to distribute farm produce to public institutions including the School Feeding Programme, the Free Senior High School Programme, Prisons, Defence and Police, among others to ensure availability of quality food in a timely manner in these institutions,” Mr. Ofori Atta said.

The Finance Minister disclosed these when he was presented the 2018 budget, themed: “Putting Ghana Back to Work,” to Parliament.

To promote agricultural mechanization as part of the government’s commitment announced in the in the 2017 budget, he said 220 tractors and accessories comprising 141 maize shellers, and 77 Multi-crop threshers were distributed to farmers and service providers.

“In 2018, the Ministry will distribute 200 tractors and matching implements, 1,000 power tillers and walking tractors, 30 tractor mounted rippers, 10 tractor drawn rear blade, 10 tractor mounted slasher, 60 boom and orchard sprayers, 4000 motorised sprayers, 60 mechanical and pneumatic planters, 50 cereal harvesters, 200 multi-crop threshers, 400 irrigation kits; engine and solar powered sprinklers sets, and 100 green house technologies for horticulture production.”

The Agric Ministry in collaboration with Ghana Irrigation Development Authority (GIDA), is said to have completed the rehabilitation of the Mprumen dam and continued works on Tamne phase -1 headworks; Sakpe Zakpalsi; Kornorkle and Uasi which are at various stages of completion.

To facilitate the provision of community-owned and managed small-scale irrigation facilities especially in northern Ghana, Mr. Ofori Atta said 192 small dams and dugouts were identified in 64 districts for development under the ‘One-Village-One Dam’ initiative, beginning 2018.

In addition to this, 30 pumping schemes and 100 boreholes will be developed and a feasibility study conducted for water transmission lines in Northern Ghana.

He also announced that the US$1.8 billion syndicated loan used in purchasing 969,000 metric tonnes of cocoa for the 2016/17 cocoa season has been repaid. For the 2017/18 season an amount of US$1.3 billion has been raised to purchase a projected crop of 850,000 tonnes.

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