By Jibril Abdul Mumuni
Accra, Aug. 28, GNA – The 24-Hour Economy and Accelerated Export Development Secretariat has brokered a US$270 million investment agreement to revitalise Ghana’s poultry industry, expand domestic production and reduce the country’s dependence on imported chicken.
The proposed investment is expected to support the development of an integrated poultry value chain covering feed production, hatcheries, commercial farming, processing, cold-chain infrastructure and distribution, as part of efforts to strengthen local production and food security.
Speaking at the signing ceremony in Accra on Thursday, Mr Goosie Tanoh, Presidential Adviser and Head of the 24-Hour Economy Secretariat, said the agreement was a landmark intervention that would help reduce the country’s growing poultry import bill while creating opportunities for local farmers and agribusinesses.
The Heads of Terms agreement was signed by representatives of the 24-Hour Economy and Accelerated Export Development Secretariat, the Tony Blair Institute, Agrium Capital, Petra Pension Trust and Axis Pension Trust.
The signing marks the first formal step towards implementation of the poultry investment programme and demonstrates the parties’ commitment to developing an integrated domestic poultry value chain.
Ghana consumes about 340,000 tonnes of chicken annually but produces only a fraction of its domestic requirement, with about 270,000 tonnes imported each year at a cost of approximately US$400 million in foreign exchange.
Mr Tanoh said Ghana continued to spend hundreds of millions of dollars annually on imported chicken despite having the natural resources, entrepreneurial capacity and market demand to support a thriving domestic poultry industry.
“The signing of this Heads of Terms agreement marks an important step towards building a modern, competitive and integrated poultry value chain capable of meeting a significant share of domestic demand,” he said.
Mr Tanoh said the proposed investment would support all major segments of the poultry ecosystem, including hatcheries, feed production, commercial farming, processing facilities, cold-chain infrastructure and market distribution networks.
He said the project was aligned with the objectives of the Government’s broader 24-Hour Economy agenda, which seeks to stimulate round-the-clock productive activity, enhance value addition and generate sustainable employment.
Mr Tanoh said the investment was expected to create thousands of direct and indirect jobs, particularly for young people and women engaged in agriculture and agribusiness.
Mr Rod Bassett, Chief Executive Officer of Agrium Capital Limited, said the investment would be implemented through a proprietary development and design process expected to take between 10 and 12 months.
“The process would establish a fully integrated poultry production and operating system covering all major segments of the value chain,” he said.
Mr Bassett said the project would be rolled out in three phases and designed to ensure close integration with surrounding rural communities, creating sustainable economic opportunities and strengthening local participation in the poultry industry.
He said the investment would create more than 1,000 direct jobs and over 2,500 indirect employment opportunities when fully operational.
Mr Bassett said the project would also stimulate rural economic development by attracting complementary industries, increasing household incomes and expanding opportunities for smallholder farmers.
Beyond employment creation, he said the initiative would support import substitution, improve environmental outcomes, strengthen skills development among Ghana’s youth and contribute to improved nutrition through increased availability of locally produced poultry products.
GNA
Edited by Kenneth Sackey
Reporter: Jibril Abdul Mumuni