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Benchmark value: Prioritize rice production as consultations continue – Senyo Hosi to govt

Senyo Hosi05 Senyo Hosi, Agribusiness entrepreneur

Wed, 26 Jan 2022 Source: www.ghanaweb.com

About 100,000 jobs to affected over benchmark value policy

Rice production season to take off soon

Industrialization efforts to erode with benchmark value discount policy


Agribusiness entrepreneur, Senyo Hosi, has called on the government to particularly prioritize domestic rice production amid the reversal of the benchmark value reduction policy.

According to him, despite ongoing consultations over the policy, a decision on rice is vital in order not to erode efforts made in the country’s rice production value chain.

In a CitiBusiness.com report, Senyo Hosi who is also Chief Executive Officer of HGL Limited, urged for a clear indication of the policy for rice especially as the planting season is about to take off.

“It must be immediate because our planting season is about to take off, we are preparing the land, I am going to have to scale down. This season I was hoping to actually develop a thousand hectares. Last season we did a major test run but we got hit because of this benchmark value. We did about three hundred and fifty hectares that’s about one thousand acres, this time we want to actually move to about two thousand five hundred acres but with this going on I have to rethink and manage my investments,” Senyo Hosi stressed.

He further called on the government to ensure rice farmers receive their fair share of the market as part of efforts aimed to boost industrialization.

“I’m talking to my bank looking at how to move investments into my milling capacity, who is going to listen to us to expand our capacity even our existing capacity, we are underutilizing it and we are now forecasting bigger capacity when you have benchmark values being reduced. I mean how do you really want to solve these issues of unemployment? how do you want to advance the course of industrialization? How can we say 1D1F and in the same vein be doing everything to make sure that we have zero D, zero F?” the news portal quoted Senyo Hosi.

Meanwhile, the Rice Millers Association of Ghana, Peasant Farmers Association of Ghana and the General Agricultural Workers Union have stated a decision to indefinitely suspend the benchmark value discount policy will affect the jobs of about 100,000 workers in the value chain.

This comes after President Nana Addo Dankwa Akufo-Addo instructed the Ghana Revenue Authority (GRA) to suspend the reversal of the discount on the benchmark value for broader consultations with stakeholders.

Source: www.ghanaweb.com