Asset Management Company (AMC), Tesah Capital, has shared its outlook on Ghana’s agricultural sector for the year 2021.
The agricultural sector for the second, third and fourth quarters of 2020 despite the impact of the Covid-19 pandemic on the economy posted positive growth rates outperforming the industry and services sectors which were heavily hit by the pandemic.
Agriculture for the third and fourth quarters of 2020 grew by 8.3 percent and 8.2 percent respectively, with the industry and services contracting by 5.1 percent and 1.1 percent respectively.
The service sector however, rebounded recording a positive growth of 4.6 percent in Q4 2020 with the industry sector still contracting by 0.4 percent in Q4 2020.
Tesah Capital, in a report highlighting key initiatives introduced in the sector by government in the 2021 budget statement, says it expects the sector to continue the positive growth trajectory for the remaining quarters of the year.
According to the AMC, the Ghs 1.18 billion allocation to the sector – a 22.6 percent year-on-year increment in resource allocation – is expected to help in the procurement of some 97,000 litres and 14,000kg of insecticides for the control of Fall Army Worm in the cultivation of maize and rice.
Improved seeds and fertilizers to beneficiary farmers under the Planting for Food and Jobs are expected to be supplied to the farmers for increased crop yields with the completion of the 9 remaining warehouses under the 1D1F initiative for storage of farm produce.
“Some 531,100 improved breeds of small ruminants, pigs and poultry, 5 million broiler day old chicks and 20,000 kuroiler birds are expected to be distributed to farmers at a 50 percent subsidy [sic],” added Tesah Capital.
The AMC further states that it anticipates the creation of the Ghana Land Information Bank (GhLIB) to provide a reliable and easily accessible information platform to improve access to land for commercial farming in the country.
Since 2016, significant increment in crop yields have been recorded with yields of maize, rice and soya increasing by 111 percent, 59 percent and 29 percent respectively.
