Agriculture
From The Report: Ghana 2013
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Often referred to as the backbone of Ghana’s economy, agriculture has traditionally been the largest sector and the biggest employer in the country, bolstered by diverse commodities and strong ties to European markets. However, agriculture’s economic contribution has dwindled as the sector has shown low growth in recent years. Its contribution to GDP fell in 2012, totalling 22.7% of GDP, compared to 25.3% in 2011. To counter this, the Food and Agricultural Sector Development Plan features six priority themes. Cash crops form a significant portion of exports, although transport gaps and seasonal production continue to be issues. The government is using growing petroleum revenues to beef up funding allocation for agricultural modernisation. Around $10.3m of the Annual Budget Funding Amount will be spent on the sector annually from 2013-23. As the government continues to expand and modernise agriculture, the industry should see steady growth over the coming years.

This chapter contains an interview with Sunny Verghese, Group Managing Director and CEO, Olam International.

Articles from this Chapter

Overview

Room to grow: Despite the challenges facing the sector, cash crops and food processing hold potential for expansion
OBG
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Often referred to as the backbone of Ghana’s economy, agriculture has traditionally been the largest sector and biggest employer in the country, bolstered by diverse commodities and strong ties to European markets. However, agriculture’s economic contribution has dwindled as the sector has shown low growth in recent years, with its contribution to GDP falling in 2012, totalling 22.7% of GDP, compared to 25.3% in 2011. Yet despite sliding to become the third-largest sector in Ghana after services…

Analysis

Closing the gap: The rising cost of rice imports is driving change in domestic production
OBG
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Rice production in Ghana has fallen under intense scrutiny in recent years, as the government works to reduce its agricultural imports by raising domestic production. However, as consumer patterns shift and rice consumption grows, the gap between local demand and supply has risen. Heavy import demands for rice cost the country millions annually, despite domestic capacity for Ghana to meet its rice needs. The Ghana Investment Promotion Centre (GIPC) has been campaigning to increase outside…

Analysis

Cocoa’s contribution: New government programmes and rising foreign investment are improving efficiency and productivity
OBG
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A key pillar of agricultural and export activity in Ghana, cocoa is the most important and valuable crop grown in the country. Vying with Côte d’Ivoire for the title of world’s largest cocoa producer, Ghana has seen phenomenal growth in its cocoa industry since national hero Tetteh Quarshie introduced the crop in the 19th century. Today, cocoa is one of the largest employers and industries in Ghana, and the country has a solid global reputation for producing high-quality beans. DRIVING…