Agribusinesses need skills, systems to grow – Absa MD

Absa Bank Ghana, in collaboration with Impact Food Hub, recently concluded the Agribusiness Launchpad and Accelerator Programme 2.0, a three-day training event aimed at equipping agribusiness entrepreneurs with essential skills and knowledge to enhance and expand their businesses. The program, held at Absa Place, the bank's headquarters, gathered agripreneurs, food processors, and other stakeholders involved in the agricultural value chain for intensive training, expert-led sessions, and networking opportunities. Participants discussed strategies for business growth and securing financial support.

During the event, Absa Bank Ghana's Managing Director, Mr Edward Nartey Botchway, emphasized the necessity of bridging the gap between Ghana's agricultural potential and its capability to produce globally competitive products. He stated that while the country possesses ideas and produce, the challenge lies in transforming these assets into market demands. Botchway added that financial assistance is most effective when accompanied by appropriate practices, systems, and knowledge to foster growth and competitiveness.

Dr Mavis Owureku-Asare, Founder of Impact Food Hub and Convenor of the program, explained that the initiative was crafted to assist agripreneurs in overcoming technical and business hurdles that impede their expansion. The program aimed to provide participants with practical knowledge, technical skills, and networking opportunities to convert their ideas into sustainable businesses and ensure long-term growth.

The participants were educated on various aspects such as product development, food processing technologies, food safety, quality standards, good manufacturing practices, hazard analysis, critical control points, food packaging, regulatory compliance, and certification. They also received training in financial management and available funding options.

The Deputy Minister of Food and Agriculture, Mr John Dumelo, encouraged participants to concentrate on value addition and develop the ability to enhance agricultural produce's market value. He urged all attendees to continue adding value to their products, as this is crucial for attracting market attention. Dr Zanetor Agyeman-Rawlings, Member of Parliament for Klottey-Korle, urged financial institutions to devise financing solutions that consider the unique risks associated with agribusiness.

She highlighted that such solutions should offer entrepreneurs the necessary support and safeguards to build resilient businesses.

In addition to the training sessions, Absa Bank Ghana facilitated a discussion on accessing finance, offering participants insights into available financial options and the steps required to develop businesses that are more attractive to funding sources. The initiative is part of Absa's ongoing commitment to supporting Ghana's SMEs and agribusiness sectors.

Over the past five years, the bank has supported over 5,000 businesses and individuals, disbursing more than GH¢700 million to the agribusiness sector, alongside providing business development and capacity-building assistance.