TIAST Group, Stanbic Bank sign MoU to boost Ghana’s cassava industry

In line with efforts by the government to develop agriculture in Ghana, a Memorandum of Understanding has been signed to provide financial assistance to cassava growers across the country.

The MoU, signed by TIAST Group and Stanbic Bank, will provide a financing scheme for equipment finance lease services, and a complete closed-loop financial support service for entrepreneurs in this sector.

TIAST Group, which is an agricultural and processing machinery group from China, will together with Stanbic Bank, finance buyers of cassava processing equipment in order to boost the sector.

The strategic cooperation between the companies will provide financial assistance to cassava entrepreneurs for two to five years of equipment finance lease service, and a complete closed-loop financial support service.

The agreement would help entrepreneurs to design capacity, match the standardized production line equipment, to provide spare parts and consumables supply, standardized training of local technicians and off take service.

Chief Business Officer of TIAST Group Madam Lisa Hao, who signed the agreement on behalf of the Group said the agreement is aimed at boosting the sector.

She, therefore, urged prospective entrepreneurs to take advantage of the opportunity to expand their businesses and maximize the needed returns.

“Although this is a great business, Africans do not get good returns. This is because producers have to endure various costs during the production period” she said

The agreement will aid entrepreneurs design capacity, match the standardized production line equipment, to provide spare parts and consumables supply as well as standardized training of local technicians and off-take service.

Chief Executive Officer of Stanbic Bank, Alhassan Andani who signed the Memorandum on behalf of the Bank said the collaboration is a better opportunity for the country to replicate the gains of the Cocoa sector

“We must work to ensure that agriculture is resilient and competitive on the international market”, he said.

He added that the agriculture sector is one of the largest employers in the country, providing jobs to about 70 percent of the country’s population.

He, however said, Ghana has over the years witnessed high poverty index due to high costs of food import, adding that, the agreement between the two companies would stimulate economic growth in the cassava sector.

The Ministry of Food and Agriculture and the Trade Ministry, endorsed the scheme, adding, “the initiative will compliment efforts made with the One District, One Factory initiative.”