Global agribusiness market projected to soar to US$1.4trn by 2033

By Samuel SAM

The global agribusiness market, valued at approximately 3.4 to 3.5 trillion US dollars in 2024, is projected to soar to between 4.4 and 5.8 trillion dollars by 2033.

This remarkable growth signals a vibrant and expanding industry that Ghana can position itself to harness by investing in innovation, sustainable practices, contract commercial farming and value-added processing to drive economic prosperity for all Ghanaians.

Over the years, it has been the norm for many industries in Ghana to struggle with low plant capacity utilisation, often operating below 30-40 percent in a single shift, making them uncompetitive.

In view of that, the ministry is developing a comprehensive Agribusiness Policy to govern and improve agribusiness in Ghana.

Sampson Ahi, Deputy Minister for Trade, Agribusiness and Industry (MOTAI), in a speech read by George Owusu Ansah Amoah, Director of Research, Statistics and Information Management Directorate (RSIM) at MOTAI, announced this at Regional Agribusiness Dialogue held in Tamale on the theme ‘Resetting agribusiness for inclusive and sustainable industrial growth is not only timely but also vital for Ghana’s long-term development.

The forum, organised by Agri-Impact Limited with a support from Mastercard Foundation, PWC, DBG, among others, brought together industry players, smallholder farmers, researchers, academicians, government agencies, non-governmental orgnisations, among others, to deliberate and share knowledge on ways to improve the sector to boost agribusiness and food security in the country for economic growth.

“We have a unique opportunity to tap into this expanding market through innovation, value addition, contract farming and sustainable agribusiness practices; and the realignment of the ministry signals a deliberate government shift toward strengthening linkages between agriculture and industry,” he said.

This policy will focus on value chains and high-quality raw material production to support agro-processing industries; and its significance lies in its emphasis on the entire value chain – from product conception to final consumption, ensuring sustainability, productivity, export competitiveness and job creation, he explained.

The Feed the Industry Programme, the Rapid Industrialisation Programme and the Accelerated Export Development Programme would serve as engines for Ghana’s industrial expansion, he added.

According to him, the Feed the Industry initiative is expected to improve raw material supply consistency for factories, and increase industrial capacity utilisation to between 70 and 80 percent through a hub-and-spoke system that links smallholder farmers, commercial farms and processors via contract farming.

He noted that regional consultations are being conducted to identify region-specific priorities, fostering a comprehensive policy that addresses diverse needs.

Programmes Officer at Alliance for a Green Revolution in Africa (AGRA), Mr. Basiru Musah, said the development of a policy for the agribusiness sector enhances the agribusiness interventions of government in the agriculture and agribusiness space.

In Ghana, we are unable to invest in preservation infrastructure to match the pace of production investments in the commodities, which is affecting the agricultural sector, job employment and economic growth.

He called for storage infrastructure policy for smallholder farmers to keep the produce of the farm products coupled with road networks leading to the farming communities.

Chief Executive Officer of Agri Impact, Mr.  Dan Acquaye, noted that over the years, Agri-Impact has developed and supported the growth of youth led enterprises by providing initial starter pack, coaching and mentoring support services.

“We offer Finance-led expertise in finding and exploiting growth opportunities for wholesalers, entrepreneurs and SMEs, aimed at streamlining their operations and to making SMEs and young/women entrepreneurs more financially sound,” he said.

 

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