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Business News of Wednesday, 31 August 2022


TrIFA Exe Dir seeks adequate investment in rice production

Bola Akinsanya, the Executive Director of Trade and Investment Forum Africa (TRIFA) and some members of the non-profit networking platform visited Juapong on Saturday, August 27 for research purposes and also to familiarize themselves with the farming communities in the area.

The visit is in line with the goal of the network to increase economic opportunities for individuals and ensuring food security for Africa as well as encouraging investment in the sector.

The teams first stop was at a thriving rice plantation. One major element ensuring its success is the proximity to a water body that guarantees all year flow of water to the farmland through mechanical water pumps.

According to statistics from the Ministry of Food and Agricultural (MoFA), rice consumption has been on the rise due to population growth, urbanization and change in consumer habits.

The statistics shows that between 2008 and 2020, paddy rice production was in the range of 302,000 metric tones and 987,000 metric tones (181,000 to 622,000 metric tones of milled rice) with large annual fluctuations.

The total rice consumption in 2020 amounted to about 1,450,000 metric tones which is equivalent to per capita consumption of about 45.0kg per annum.

Ghana depends largely on imported rice to make up for the deficit in domestic rice production, an area investors could take advantage of.

Bola further urged Africans to venture into agriculture as it is an economically thriving investment while stressing that agribusiness is one of the easiest ways to alleviate poverty, providing employment and ultimately strengthening the cedis through exports of farm produces.