In line with efforts by the government to develop agriculture in Ghana, a Memorandum of Understanding has been signed to provide financial assistance to some cassava growers.

The MoU, signed by TIAST Group and Stanbic Bank, will provide a two to five-year equipment finance lease service, and a complete closed-loop financial support service for entrepreneurs in this sector.

Chief Business Officer of TIAST Group Madam Lisa Hao, who signed the agreement on behalf of the Group said the agreement is aimed at boosting the sector.

She, therefore, urged prospective entrepreneurs to take advantage of the opportunity to expand their businesses and maximize the needed returns.

“Although this is a great business, Africans do not get good returns. This is because producers have to endure various costs during the production period.

sometimes, when a machine which costs ¢50 breaks down, it can cause the whole production to shut down. Due to the fact that the machine parts are not available here, engineers have to fly into the country to work on these machines and we all know that time is money.

The agreement will aid entrepreneurs design capacity, match the standardized production line equipment, to provide spare parts and consumables supply as well as standardized training of local technicians and off-take service. But now, we are offering a support service to aid with that.”

Chief Executive Officer of Stanbic Bank, Alhassan Andani who also signed the Memorandum on behalf of the Bank said the collaboration is a better opportunity for the country to replicate the gains of the Cocoa Board.

“We must work to ensure that agriculture is resilient and competitive on the international market”, he said.

He added that the agriculture sector is one of the largest employers in the country, providing jobs to about 70 per cent of the country’s population.

However, the country has in over the years witnessed high poverty index, adding that, the agreement between the two companies would stimulate economic growth in the cassava sector.

Also at the event was the Director of the Office of Planting for Food and Jobs at the Ministry of Food and Industry who complemented the efforts of both companies to boost the sector.

Mr Richard Twumasi said this will boost industrilisation and also support the agenda of one district one factory.