Following the government's aim to stimulate the economy through import substitution, the Jospong Group of Companies (JGC) has started its integrated rice farming project.
The government will increase the productive capacity in the real sector of the economy and actively promote the consumption of locally produced goods like rice, poultry, vegetable oil, and fruit juices, among others, as part of efforts to promote exports, according to Ken Ofori-Atta, Minister of Finance, who delivered the 2023 Budget to Parliament on Thursday, November 24.
In order to replicate their experiences and strategies in Ghana, a team from the JGC, lead by its Executive Chairman, Dr. Joseph Siaw Agyepong, visited Thailand to study the Thai rice sector.
The Jospong Group of Companies seeks to collaborate with significant Thai rice industry players in order to offer technical and equipment support for Ghana's whole rice value chain in order to produce rice for both the domestic and international markets.
The High Commissioner of Ghana to Malaysia, H.E. Mrs. Florence Akonor, who is in charge of Thailand and other South-East Asian nations, provided assistance to the JGC team.
The High Commissioner stated that the rice initiative represents a new level of mutually beneficial bilateral collaboration between Ghana and Thailand.
She expressed her gratitude to Dr. Sicha Singsomboon, the Honorary Consul, and her staff for their efforts in arranging the visit.
She emphasized that the partnership was essential for advancing cooperation to strengthen both nations' economies, particularly in regard to rice production.
Ghana imports more than 60% of its rice every year, which has disastrous economic effects. Between 2007 and 2015, the amount spent on imported rice increased from $151 million to $1.2 billion annually, with imports from Thailand, Vietnam, and India mostly serving to supplement domestic consumption.
The amount of rice Ghana imports each year, which is currently 1.3 billion USD, keeps rising. Only the substantial financial input by major sector participants from the private sector would be able to change this negative narrative in the rice industry. It is excellent news that JGC decided to heed the government's request and enter the sector, particularly in value addition.
The JGC has always taken the lead in providing people with better lives by finding answers to their challenges.
With land banks in place, the organization has started producing rice on 100,000 acres. To realize this aim, the Group plans to collaborate with the Ghana Rice Inter-professional Body (GRIB) and other regional rice players. Integrated rice farming techniques are used in the project, including seed development, paddy production, milling, packing, and marketing.
The delegation also met with Thai industry leaders in the rice sector and had discussions with them. This featured the Thai Farmers Lifestyle and Learning Center, Thai EXIM Bank, and producers of rice-related machinery like Kubota, Satake, and Deler Engineering Services.
After being impressed, the Thai EXIM Bank declared its willingness to assist JGC. The delegation also paid visits to Kasetsart University, the Institute of Food Research and Product Development, and fertilizer manufacturers.
Dr. Joseph Siaw Agyepong, the Executive Chairman, urged the participants in Ghana's rice value chain to work together for the growth of the industry during a news conference held in Bangkok.