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Youth in Agribusiness Festival launched



The John A. Kufour Foundation (JAKF) has launched the maiden edition of the Youth in Agribusiness festival to establish the Youth in Agribusiness Information hub in Ghana.

The festival, which will be celebrated on the theme: “Youth in Agribusiness in Ghana: the story so far and the way forward” in July 2022, at the Jubilee Park and the Prempeh Assembly Hall in Kumasi, will be one-stop-shop where all the necessary information needed for the development and sustainability of agribusiness could be accessed by the young individuals in Ghana.

 “The festival is designed to showcase the outstanding development of young people within the agribusiness sector. It seeks to celebrate distinguished young agribusiness practitioners by providing the platform for them to share their success stories.

Youth in Agribusiness Festival launched

It is therefore important to provide the platform to share the experiences, learn lessons, and network along the value chain which will serve as an inspiration to generate interest for both employed and unemployed youths, more especially for those who do not see agribusiness as an attractive business venture will be exposed to the achievement of youth in Agribusiness” The Chief Executive Officer of JAK Foundation Prof. Baffour Agyemang Duah said.

He explained that a month before the main festival, there will be a pre-engagement on agribusiness educational programmes for students from selected universities such as the University of Development Studies, University of Ghana, University of Cape Coast, University of Health and Allied Sciences, Kwame Nkrumah University of Science & Technology, University of Winneba, Kumasi Technical University, some agriculture colleges, and selected youth groups.

“The festival is to provide facilities for young entrepreneurs in the agric sector to network and also share their results with the public.

The initiative was born out of former President John Kufuor’s own personal commitment to improving agriculture and agri-related businesses in the country, particularly those that are led by young people” he added.

The Convener of the Youth in Agribusiness Festival, Mr. Jeffrey Agyemang-Duah, said the festival is envisaged to bring together major stakeholders in agribusiness on one platform to share their experiences, and lessons learnt, and to network along the agricultural value chain.

He added that the festival will serve as an inspiration to generate interest in agribusiness for both employed and unemployed youth, stressing that “those who do not find agribusiness as an attractive business venture will be exposed to the achievements of the youth in agribusiness and will therefore have evidence of the prospects and the life-changing experiences in agribusiness.”

Mr. Duah further explained that the festival was inspired by the need to motivate the youth to accept agriculture and its related activities as a commercial business venture.

 The Youth in Agribusiness Festival is targeting people aged between 18 to 35 who are involved in farming, technology service provision, agri-input dealership, Agri advisory and financial service provision, processing and value addition, packaging, branding, digital or online marketing, transportation and distribution, and agri-tourism, among others” he explained.

“By getting more young people into agribusiness through this festival, we believe, it will contribute to the reduction of youth unemployment in Ghana which, unfortunately, shot from 8.72 percent in 2019 to 9.46 percent in 2020 according to the International Labor Organization.

We hope to create linkages and networking space among young agribusiness entrepreneurs with industry leaders and investors; an electronic form has been designed for organisations and individuals who wish to exhibit their products and services to visit the John A. Kufuor Foundation’s website for more details” he added.

The Chief Executive Officer of the National Entrepreneurship and Innovation Programme Ghana, Mr. Kofi Ofosu Nkansah stated that they are excited to be a part of the festival.

“As a government programme responsible for the youth enterprise, we are to support the youth enterprises like the agribusiness, therefore, we see this festival as a good platform for partnership in the attainment of the programme objectives,” he said.

The Head of the Agri-Biz programme, GIZ, Dr Elke Stumpf in a brief remark said GIZ has not relented on its efforts in the job creation process, adding that GIZ has been working to promote job creation, particularly for the youth and women.

“Trading is an important and crucial aspect of any business or entrepreneurs for reaching international markets” she added.

The Chief Executive Officer, Chamber of Agribusiness Ghana, Mr. Anthony Morrison, launching the festival explained that Agriculture in Ghana requires restructuring to give the youth the opportunities to contribute to food security and good health.

“I strongly believe that Ghana has what it takes both comparatively and competitively to change the agriculture transformation, and as stakeholders, we should all contribute to this transformation” he added.

The Head of Marketing and Communication at Agricultural Development Bank (ADB), Mr. Solomon Adu Atefoe explained that ADB is associated with youth in agribusiness festivals.

“We are happy to partner with the John Agyekum Kufour Foundation for this project and hope to see a successful end” he added.

Present at the launch were the Ghana Investment Promotion, National Entrepreneurship, and Innovation Programme, National Youth Authority, GIZ-Agribiz Project, Chamber of Agribusiness Ghana, Oak Foundation, Kent Investment, Ghana Agriculture & Rural Development Journalist Association, and Agribusiness Student Association of Ghana.

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Economy growing strongly, data suggests robust pick-up – Governor



The Ghanaian economy is growing strongly despite the threat of rising inflation and the recent sharp volatility of the cedi, Governor of the Bank of Ghana, Dr. Ernest Addison has pointed out.

According to him, data secured by his outfit so far indicates that the economy continues to rebound, irrespective of the challenges.

Speaking to Bloomberg ahead of the Monetary Policy Committee (MPC) meeting, which began yesterday, 18th May, 2022, Dr. Addison said he real sector of the economy has been resilient despite the impact of COVID-19 pandemic.

“The Ghanaian situation in a sense also reflects what happened in 2020 where the government took a very expansionary stance on policy. Therefore there were many interventions that was put into place in order to protect lives and livelihoods.”

“The impact of that was real sector being more resilient than we see in other places. As I said, we are beginning to see a pick-up in growth in 2021”, Dr. Addison emphasised.”

Indeed, sectors such as Information, Communications and Technology; Tourism and Hospitality; Manufacturing have bounced back, registering strong growth rates.

“Some of the data that has come in 2022 does not suggest that we are slowing down”, the Governor noted.

“I believe, if we were to choose between growth and inflation, the policy priority should be managing the pace at which prices are increasing”, he added.

Economy expanded by 5.4% in 2021 – GSS

Ghana’s economy expanded by 5.4% in 2021, far higher than the 0.4% recorded in the year 2020, a period that COVID-19 pandemic had severely hit the global economy.  

Without oil, the economy recorded a Gross Domestic Product (GDP) growth rate of 6.9%

According to provisional estimate by the Ghana Statistical Service, only 10 countries in Africa recorded growth rates higher than that of Ghana. They included Cote d’ lvoire and Uganda.

The strong growth rate was driven by the Services sector, particularly the Information, Communication and Technology (33.1%) and the Agriculture sector, such as Fishing (13.4%).

The Services sector recorded the highest GDP growth rate of 9.4% in 2021.

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Techno Genesis Ghana graduates the first batch of trainees under BiG entrepreneurship project



The first batch of young individuals who signed onto the Believe in Ghana (BiG) project in Kumasi have graduated to venture into the creative arts and manufacturing industries.

The Believe in Ghana (BiG) project trains young aspiring entrepreneurs to take charge in the creative arts and manufacturing sectors.

Trainees are engaged in bakery and pastries, soap and bleach making, batik and tie and dye as well as beads making.

Techno Genesis Ghana graduates the first batch of trainees under BiG entrepreneurship project

Project originator, Tony Donkor, says the employment rate of the youth in Ghana needs to be addressed through such innovations.

“The project intends to raise a generation of knowledgeable youth who can take up the manufacturing space in order to secure a brighter future for the Ghanaian youth.

“The project intends to equip illiterate, semi-literate and literate persons with the skills set to secure a better future in the absence of a salaried job” he said.

The BiG project has seen partnership with the Centre for National Culture in Kumasi who created the avenue for individuals to be trained through localized methods.

Techno Genesis Ghana graduates the first batch of trainees under BiG entrepreneurship project

Deputy Director for Performing Arts at the Centre, Mustapha Issa, says locally-manufactured items need the necessary patronage to promote local industrialization and national culture.

According to him, “people often portray cultural products as fetish and they do not want to patronize it, but if we can reorient the definition of culture to ourselves, people can then appreciate it.”

He added that, “accepting the cultural values our products stand will bring great benefit from.”

Mr. Issa also advised that the country takes its cultural values seriously in order to preserve the rich heritage as a people.

He indicated that, “our music, movies and arts should represent our heritage, rather than degrading it.”

The first cohort of 15 trainees under the project shared their experiences on the impact.

“I work in a travel agency and we usually host events where attires are worn. I signed up to the project so I can learn how to make apparels to get the contract for myself and make some money as well,” said Doreen.

Another participant, Sumaila said “I am a musician and I wanted to add a clothing line to it, so I enrolled to learn how to make batik Tie and Dye. I can use the technique to create my own brand in addition to the music I do”.

Techno Genesis Ghana graduates the first batch of trainees under BiG entrepreneurship project

The BiG project intends to train over 10,000 persons in the Ashanti Region and further extend to other regions of the country.

The Believe in Ghana Project is under the operation of Techno Genesis, in partnership with The Multimedia Group, Kumasi and the Centre for National Culture, Kumasi.

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Loyalty Insurance MD raises concern about unhealthy competition in industry



The Managing Director of Loyalty Insurance Company Limited, Ernest Frimpong, has expressed worry about some unhealthy practices in the insurance sector.

According to him, even though Ghana’s insurance market is highly competitive, characterised by a lot of innovation, some unethical practices like premium undercutting could hamper growth of the industry.

“The Ghana insurance market is a highly competitive and dynamic marketplace,” Mr. Frimpong said.

“There is a dichotomy; on one hand, the market is characterised by innovation, and on the other hand, there is also some unhealthy competition in the market. The issue of undercutting premiums has been around for a while. We need to change this narrative; we need stronger cooperation among ourselves for the benefit of our industry”. He added.

The Loyalty Insurance MD spoke at the company’s fifth anniversary celebration launch themed, “Growing through digitalisation.”

The company unveiled four new digital applications which it believes will place it at the forefront of technological innovation in the insurance sector.

The Managing Director also expressed gratitude to shareholders of the company for raising capital to meet the National Insurance Commission’s minimum capital requirement of ¢50 million.

The Commissioner of Insurance, Dr. Justice Ofori, commended the management and staff for embracing technology as part of their operations.

He urged them to re-strategise and remain customer-focused in order to remain relevant in the industry.

“Let me congratulate management and staff of Loyalty Insurance Company Limited for the attainment of five years of growth and consistent success and express my gratitude to all who have contributed to making the company what it is today,” he said.

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