Stabilising the Cedi amid the Ukraine War/post-Covid crisis - Perfect timing of ADB -Ekumfi Import substitution case
Supply chain crisis, resulting from Covid related measures as well as the Russia Ukraine war seems to have no end in sight.
This is especially the case in the food sector where the situation has been compounded by fertiliser price increases, upward adjustments in oil prices and wildfires and bird flu in some countries
There have been numerous reports of empty shelves in Grocery shops, commodity price hikes.
ADB's delibrate show of massive support to the Agribusiness sector in Ghana, mainly the food and beverages sector cannot be better timed.
While the support has enabled beneficiaries such as Ekumfi to optimise operations to meet local demand as well as export.
The immediate benefits of this move include significant increase in import substitution and export for forex gains as well as job creation for the youth and women⁹
ADB "put its money where its mouth is" - in its agric and more agenda to enable a self reliant economy
This support, must be emulated if Ghana wants to put some action to all its talk about currency stabilisation. The global crisis is creating a global demand for food and Ghana has the potential to step in to promote subtitte and create international markets.
Estimates From Sea-Freight Pineapple Exporters (SPEG) indicates that Ghana processing 30,000 acres of pineapple can generate over $1.4billion for the Economy annually with aninvestment less than $180m. Ghana needs smart solutions for Smart Economic diversification
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