Ghana has secured financing commitments exceeding GHS 1 billion for its poultry value chain. The 24-Hour Economy Secretariat and Accelerated Export Development Authority led this mobilisation. This significant investment aims to boost local production and reduce the country's reliance on imported chicken.
This financing directly addresses Ghana's substantial poultry import dependency. The country imported about 95% of its poultry in 2022, consuming 324,047 metric tonnes. Local production only reached 15,000 metric tonnes, covering just 4.6% of national demand. This initiative seeks to reverse that trend, creating jobs and strengthening the domestic agricultural sector.
This move aligns with Ghana's broader economic strategy to enhance local industries and reduce foreign exchange outflows. The nation spends nearly US$400 million annually on imported poultry products. Boosting local production will save foreign currency and support the Accelerated Export Development agenda. This agenda aims to position Ghanaian poultry products for regional and international markets.
Mr. Arnold Parker, Funding Team Lead of the Secretariat, confirmed the readiness of these funds. He stated, “The funds are ready, but we must put in place the right structures to draw down the financing and deploy it effectively across the industry.” He added that private sector actors, including ABSA, Fidelity, and Ecobank, would undertake the funding. This collaboration highlights a strong public-private partnership approach to economic development.
The initial phase of the programme targets GHS 300 million, with more financing expected later. This phased approach allows for careful implementation and evaluation. Decision-makers will closely monitor the programme's impact on local farmers and the broader economy. Success could lead to further investments in other agricultural value chains, strengthening Ghana's food security and export potential. The initiative also promises to create new employment opportunities across the entire poultry sector.
The financing will support various parts of the poultry value chain. This includes feed production, day-old chick supply, equipment, processing, storage, and veterinary services. This comprehensive approach ensures support from farm to market. Mr. Parker stressed the need for financing products that suit poultry production cycles. Conventional lending often pressures farmers, so customised solutions are crucial. Banks and industry players will collaborate to develop these tailored financial products.
Strengthening enterprise management and technical capacity is also a key focus. The Secretariat will partner with research institutions like the Council for Scientific and Industrial Research. This collaboration aims to improve productivity and foster innovation within the industry. Such partnerships are vital for long-term growth and competitiveness. They ensure that Ghanaian poultry farmers adopt modern, efficient practices.
Ghana's reliance on imported poultry has long been a concern for policymakers. The 2024 Budget Statement highlighted this significant imbalance. By addressing this, the government aims to create a more resilient and self-sufficient economy. This investment represents a tangible step towards achieving that goal. It also signals a commitment to supporting local businesses and reducing the trade deficit. The programme's success will be a critical indicator of Ghana's economic diversification efforts.