Poultry sector gets US$541m investment

Government has pledged to invest some US$541million to improve the poultry industry, in line with one of the key resolutions of the recently-held Dakar II Summit in Senegal.

The decision seeks to revamp the industry and position it to curb recent imports, which are in excess of over US$600million per annum.

Chief Director at the Ministry of Food and Agriculture, Robert Ankobiah – who revealed this said the move is to achieve self-sufficiency in poultry meat products by expanding production, increasing competitiveness and value addition.

The investment will accordingly increase domestic production from the current 50,000 tones a year to an envisaged 450,000 tones per annum.

“The venture is also expected to increase the domestic poultry sector’s value from

the existing US$62million to US$562million,” Mr. Ankobiah said.

According to MoFA, about US$20million will be expended on technical assistance programmes in animal husbandry and health; about US$69million on feed mills expansion and upgrading to reduce poultry feed costs; US$438million to enhance access to finance and cost-sharing support for private investment in hatcheries and production expansion; and US$14.8million on programmes to promote expansion of SME processing in slaughtering and packaging, among others.

“The above plan to invest in local poultry is part of pathways and one of the country’s key compacts during the Dakar II Summit to attain self-sufficiency and agri-food transformation for the next five years,” Mr. Ankobiah said.

Important features of the compact include prioritization of key sub-sectors with the highest impact on food security, with key considerations for other commodities such as rice and soybean.

SOURCE:BFT