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Els MBN360 Agribusiness
he Minister for Finance, Hon. Dr. Cassiel Ato Forson, has reaffirmed the government’s commitment to creating an enabling environment for large-scale agribusiness to thrive during an official tour of the Kpong Irrigation Scheme in Asutsuare.
The Minister visited Golden Exotics Limited (GEL), a flagship commercial banana producer located at Kasunya in the Shai-Osudoku District as part of a broader assessment of private sector contributions to Ghana’s economic recovery, specifically focusing on the intersection of agricultural production, export revenue, and rural employment.
“Government alone cannot provide the needed employment needs for a country and so we have a responsibility to create the enabling environment for a private sector to come in and invest. We believe that commercial farming holds the key to deal with the unemployment situation we have and so whatever we have to do to facilitate that we will ensure that is done”Hon. Dr. Cassiel Ato Forson, Minister for Finance
Golden Exotics Limited stands as a significant industrial asset for Ghana, currently recognized as the largest single-site producer of organic bananas in the world. With a massive workforce of 4,000 employees, the company represents a critical engine for the local economy in the Greater Accra Region.
Hon. Dr. Ato Forson highlighted that such enterprises are essential not only because the government alone cannot absorb the country’s growing labor force but because commercial farming is the primary key to addressing the national unemployment situation.
Beyond employment, Golden Exotics Limited is a vital source of foreign exchange for the country. The Minister learned during his briefing that 85 per cent of the farm’s produce is exported to international markets, primarily in Europe, with significant volumes also reaching the Sahel and North African regions.
Only 15 per cent of production is retained for local consumption. With annual revenues estimated at approximately $60 million, the company significantly contributes to the stabilization of the Ghana Cedi through consistent export inflows and regular tax payments.
“You have a company that is also bringing in foreign exchange and to a large extent also paying taxes towards the growth of a country and so we have a responsibility as a government to assist businesses of this nature for them to be able to grow”Hon. Dr. Cassiel Ato Forson, Minister for Finance
The Minister pointed out that Ghana possesses a natural competitive advantage in this sector due to its favorable climate, vast land, and access to water. However, he lamented that these resources are often underutilized or wasted.
By supporting businesses like GEL, the government can maximize the utility of the nation’s natural resources to drive sustainable growth.
Kpong Irrigation Scheme
A central focus of the tour was the infrastructure supporting these agricultural operations. The Kpong Irrigation Scheme provides the water necessary to sustain the intense requirements of large-scale banana production.
Recognizing the success of the current business model, Hon. Dr. Ato Forson announced that the government is actively discussing Phase Two of the irrigation project. This expansion is intended to open up more land for commercial use, allowing other private sector players to replicate the success of Golden Exotics Limited.
“We are discussing phase two of the project. We hope that very very soon we’ll take it up for necessary government approvals to allow other businesses to take advantage of what we are seeing today”Hon. Dr. Cassiel Ato Forson, Minister for Finance
The Finance Minister emphasized that the government must act as an enabler, providing the necessary infrastructure to allow the private sector to fill the gaps that public resources cannot cover. The proposed expansion of the water resources at Asutsuare is seen as a strategic move to turn “wasted land and water,” into productive industrial hubs.
The visit underscored the administration’s broader economic strategy of prioritizing high-value exports and industrial-scale agriculture. By facilitating the growth of companies like GEL, the Ministry of Finance aims to build a resilient economy that is less dependent on raw material exports and more focused on processed and organic high-value products.
The Finance Minister assured the management of Golden Exotics that the government would fast-track the necessary approvals for infrastructure projects that directly support industrial agribusiness.
