Religious organizations may receive backing from ADB for agricultural commercial ventures, according to the MD.
Agricultural Development Bank PLC Ready to Partner with Religious Bodies in Agriculture
The Managing Director of the Agricultural Development Bank PLC (ADB), Dr. John Kofi Mensah, has expressed the bank's eagerness to collaborate with religious organizations to venture into agriculture. In a recent speech at the Anglican Diocese of Accra's rubber plantation project's groundbreaking ceremony, he encouraged religious organizations to take advantage of government-backed agricultural programs such as Planting for Food and Jobs, Planting for Export and Rural Development, and fertilizer subsidies.
The ADB head stated that these partnerships would allow religious entities to continue impacting society while creating job opportunities and enhancing national development. The bank would finance the Assin Nsuta rubber plantation project, with the initiative expected to produce 1,535 tonnes of raw wet cup lumps yearly and create hundreds of jobs.
Commending the church's initiative to venture into tree crop plantations, including rubber, Dr. Kofi Mensah emphasized the long-standing relationship between the bank and prominent religious bodies like the Anglican Church, making financing projects more comfortable.
The Anglican Bishop of Accra, Rt. Rev. Dr. Daniel Sylvanus Mensah Torto, noted that the initiative was part of the church's five pillars of existence and operations. He highlighted the church's planned utilization of several government initiatives, including One District, One Factory, and Planting for Export and Rural Development. The decision to approach the ADB was motivated by the bank's renewed focus on the agricultural sector and its wealth of experience in the rubber industry.
The groundbreaking ceremony was presided over by Vice President Alhaji Mahamadu Bawumia, who applauded the Anglican Church's innovative venture and encouraged other religious organizations to follow suit. Other dignitaries present were the Central Regional Minister, Justina Marigold Assan; Deputy Minister for Education and MP for Assin South Constituency, John Ntim Fordjour; and the Chief Executive of the Ghana Incentive-Based Risk Sharing System for Agricultural Lending, Kwesi Korboe.
While specific details about ADB's partnership with religious bodies for agriculture were not provided, such collaborations generally aim to combine the financial expertise of development banks with the community influence of religious organizations. This synergy improves agricultural financing access, supports capacity building, and significantly contributes to job creation in agricultural value chains, particularly among youth and women. The partnership helps strengthen local agricultural economies and promotes sustainable rural development. Such initiatives contribute to reducing urban migration by creating sustainable employment opportunities in rural areas, fostering inclusive economic growth.
- Dr. John Kofi Mensah, the Managing Director of Agricultural Development Bank PLC (ADB), encourages religious organizations to utilize government-backed agricultural programs for job creation and national development.
- The ADB, in its partnership with religious entities, plans to finance agricultural projects like the Assin Nsuta rubber plantation, contributing to the production of 1,535 tonnes of raw wet cup lumps annually and creating hundreds of jobs.
- The ADB's approach to financing projects is made easier by its long-standing relationship with prominent religious bodies, such as the Anglican Church.
- Partnerships between development banks like ADB and religious organizations aim to improve agricultural financing access, support capacity building, and contribute to sustainable rural development, reducing urban migration and fostering inclusive economic growth.
