Ghanaian delegation at Agrishow 2019
“He who craves greatness must consider the path trodden by the great.” This apt aphorism mirrors increased attempts by government to actively partner other nations, particularly those who are standout agric powerhouses.
Today, globalization has opened a window of opportunity for collaboration and partnerships that if properly harnessed, has the potential to significantly bridge the gapping dichotomy that currently exists between Ghana and other great agric nations.
This narrative was recently demonstrated when the Embassy of Brazil, Agrihouse Foundation and the Ministry of Food and Agriculture led a strong Ghanaian contingent to participate in the 26th edition of Agrishow in Ribeirao Preto, Brazil.
Led by the Deputy Minister for Food and Agriculture, Hon. Sagre Bambangi and Alberta Nana Akyaa Akosa, the Executive Director of Agrihouse Foundation, the high-powered delegation comprised; Ghana Investment Promotion Council, Ghana Commodity Exchange, Jospong Group, Accra Company and Recycling and Ghana Commercial Agric Project.
As the showpiece wore on, the Ghanaian delegation had the opportunity to make an investment presentation to the world’s topmost agribusiness investors.
In a presentation under the theme: Investment Opportunities In The Agriculture Sector, the Ministry of Food and Agriculture espoused the mammoth opportunities available to investors in the form of lands for farming, government policy intervention, strategic areas for investment and incentives provided by government for investors in Ghana.
“With an estimated 13.5 million hectors of agricultural lands, only 50% has been cultivated; which implies that investors have access to almost seven million uncultivated lands to choose from. Of the 50% cultivated land, only 31,000, representing 2% has been irrigated and so irrigation presents a very viable option for investments.”
“ With an Agricultural Sector consisting of Crop, Livestock, Forestry/Logging and Fishing, crop dominates the sector with 74%, followed by Livestock; Forestry & Logging; and Fisheries at 10%; 9; and 6%, respectively as far as their contribution to GDP is concerned. Ghana provides the perfect environment for investors to thrive because aside being one of the most politically stable on the continent, Ghana has consistently demonstrated the political will and quality leadership necessary for the preservation of investor interests.”
The presentation also took into account Ghana’s excellent air and sea port facilities which makes traveling and transportation of goods and services in and outside the country a lot easier.
“Traveling time from Europe (6hrs) and America (9hrs) to Ghana is considerably shorter and therefore makes the fair as much as 60% cheaper than that of many countries on the continent and some other parts of the world. Ghana also has favourable agric and investment policies that safeguards the investor and guarantees profitability.
Similarly, government has tailored policies that gives investors in agric a period of exemption from taxes depending on what is being planted, tax waiver on imported items and upon expiration of these periods, a location based tax system is applied in order to give investors who go on to the hinterlands and hence further away from the capital and extra funds to offset the cost of doing business in such areas. Investors in Tree Planting and cattle ranching get a tax holiday of 10 years whereas Cash Crops, Poultry, Fish Farming and Agro-Processing get exempted from paying taxes for five years.”
The ministry further informed the gathering that companies in the Northern Part of Ghana which is one of the best places for rice farming comes with 5% income tax while companies in Greater Accra, the nation’s capital and Tema attracts 20% income tax.
“Regional capitals attract income tax of 15% and 10% for companies outside the regionals capitals. We also provide exemption of custom duties on agricultural machinery and agricultural inputs. These incentives are meant to ensure that the investor makes profit and expand the business because it is by so doing that jobs can be created for country’s teeming youth population. We have existing rice mills with installed capacity and available lands in the Accra plains conducive for rice production and presence of water for irrigation purposes and areas in the Northern part of Ghana.”
