The 24-Hour Economy and Accelerated Export Development Secretariat has secured a US$270 million investment agreement aimed at transforming Ghana’s poultry sector and reducing the country’s reliance on imported chicken.
The investment will support the establishment of an integrated poultry value chain covering feed production, hatcheries, commercial poultry farming, processing, cold storage and distribution.
Speaking at the signing ceremony in Accra on Thursday, Presidential Adviser and Head of the 24-Hour Economy Secretariat, Goosie Tanoh, described the agreement as a major step towards strengthening Ghana’s poultry industry, reducing the nation’s poultry import bill and creating opportunities for farmers and agribusinesses.
The Heads of Terms agreement was signed by representatives of the 24-Hour Economy and Accelerated Export Development Secretariat, the Tony Blair Institute, Agrium Capital, Petra Pension Trust and Axis Pension Trust.
The agreement represents the first formal stage of the proposed poultry investment programme, with the parties expressing their commitment to developing a strong and integrated domestic poultry value chain.
Ghana consumes an estimated 340,000 tonnes of chicken annually but produces only a small portion of the demand. The country imports about 270,000 tonnes of chicken each year, costing approximately US$400 million in foreign exchange.
Mr Tanoh noted that Ghana continued to spend hundreds of millions of dollars on imported poultry despite having the resources, business capacity and market demand required to develop a competitive local industry.
“The signing of this Heads of Terms agreement marks an important step towards building a modern, competitive and integrated poultry value chain capable of meeting a significant share of domestic demand,” he said.
According to him, the proposed investment would cover key areas of the poultry ecosystem, including hatcheries, animal feed production, commercial farming, processing plants, cold-chain facilities and distribution networks.
He said the initiative formed part of the government’s wider 24-Hour Economy agenda, which seeks to increase productive activity, promote value addition and create sustainable employment opportunities.
Mr Tanoh added that the project was expected to generate thousands of direct and indirect jobs, particularly for young people and women involved in agriculture and agribusiness.
Chief Executive Officer of Agrium Capital Limited, Rod Bassett, said the project would undergo a proprietary development and design process expected to last between 10 and 12 months.
“The process would establish a fully integrated poultry production and operating system covering all major segments of the value chain,” he said.
Mr Bassett explained that the project would be implemented in three phases, with a strong focus on integrating surrounding rural communities into the development and creating sustainable economic opportunities for local residents.
When fully operational, the project is expected to create more than 1,000 direct jobs and over 2,500 indirect employment opportunities.
He said the investment would also contribute to rural economic development by attracting related businesses, improving household incomes and creating new opportunities for smallholder farmers.
Beyond job creation, Mr Bassett said the initiative would promote import substitution, improve environmental outcomes, develop skills among Ghana’s youth and enhance nutrition by increasing access to locally produced poultry products.
By: Prince Martey-Sogar