Ministry of Fisheries to contract $40m loan

Akyem Soabe(ER), May 11, GNA - Ministry of Fisheries is to contract a 40- million dollar loan from Chinese Government to begin a 2,000 hectare fish farming project on River Pra at Shama in the Western Region.

A Memorandum of Understanding (MOU)has been signed between the Ministry and two Chinese companies, Chinese National Fisheries Corporation and Lu Ye Fisheries to secure the loan. Mrs Gladys Asmah, Minister for Fisheries announced this at the harvesting of the first aqua culture pilot project at Akyem Soabe in Kwaebibirem District.

The project was launched last year.

She said under the MOU, a joint committee comprising representatives of the companies and the Ministry would be instituted to supervise the project that would provide employment for the youth. Mrs Asmah explained that the companies would provide equipment for construction works and supply the farmers with high quality fingerlings and after harvesting buy the fish from them.

She said the Ministry would assist the farmers with soft loans to be repaid within 12 months to construct ponds and supply of fingerlings. On the aqua culture project, Mrs Asmah said about 800,000 Ghana cedis had so far been spent including the training of about 400 farmers from Kumasi Metropolitan Area and more farmers would be provided with the necessary training to begin their own projects.

She said last year 95,000 fingerlings were supplied during the launching to the management of Kwabs Farms Limited at Akyem Soabe and was expected to realise about 200,000 Ghana cedis after harvesting. Mrs Asmah noted that fish farming was one of the most lucrative businesses that could be undertaken and urged the youth to get involved in fish farming and refrain from migrating to urban centres in search of non-existing jobs.

Mr Yaw Yiadom Boakye, Kwaebibirem District Chief Executive, expressed appreciation to the ministry for the project that would help reduce small-scale mining activities in the area that was degrading the environment.