Agricultural Development Bank (ADB) says it will continue to fund the 1D1F initiative to help industries operate at full capacity.
The bank in a statement said it has so far disbursed over GHC100 million to 17 companies under the One District, One Factory (1D1F) scheme in the areas of agro-processing, aquaculture and poultry.
“As a bank with a focus on agribusiness, we will continue to fund the 1D1F initiative, mainly through outgrower schemes to help industries to operate at full capacity and create more jobs,” said a statement from the new board and management of ADB.
The ADB statement was issued at a news briefing after visiting Ekumfi Fruits & Juices Ltd at Ekumfi in the Central Region to get first-hand information on how funds extended to the facility have been used.
Daasebre Akuamoah Agyapong II, the chairman of ADB, who is also the Omanhene of the Kwahu Traditional Area, said: “The visit by the new board of directors of ADB is part of our commitment to get first-hand information on how loans disbursed to companies are being used and to further strengthen our relations with the cherished customers.”
Daasebre Akuamoah Agyapong said through the bank’s Farm Direct Ltd the Ekumfi Juice Factory has had a constant supply of raw material to produce healthy EkuJuice and has created a thousand jobs in its catchment area.
“I wish to state that Farm Direct Ltd is of unique interest due to our outgrower scheme project funded by the bank to support Ekumfi Juice Factory. “We have identified the outgrower scheme as a reliable way of supporting our industries with raw materials under the government’s 1D1F.”
He said the outgrower scheme also helped to create jobs in local communities to reduce the rate of rural-urban migration.
The chairman expressed his gratitude to the previous board, especially for supporting the scheme and to Farm Direct for applying the funds for the purposes for which they were intended.
“We have seen what they are doing over here and we are happy that the funds have not been misused,” he said.
The board and management later handed over two tractors to the Ekumfi Juice Factory to support it in its operations.
