Young entrepreneurs who intend to venture into agriculture as a business have been urged to seek professional advice before venturing into the sector.
That’s according to the Head of Agribusiness at Absa Bank Ghana, Mr. William Nettey.
As the novel Coronavirus continues to spread and pose a threat to food security, a lot of countries are now deliberately working on ensuring food security, and scaling-up efforts to support families and communities to be more self-reliant.
This has created an opportunity for Ghanaians to turn to agriculture to create more avenues for employment and food security.
Speaking on the topic, “How to create another career in Agribusiness” on the Citi Business Festival Virtual Forum on Citi TV on Tuesday, June 16, 2020, Mr. Nettey explained that farming is a business that must be approached with professionalism.
“You need to gain knowledge and understanding of the business. You need to understand it from the beginning stages, talk to people and conduct research so that you that you can make a make a comfortable decision,” he said.
Mr. Nettey also urged young entrepreneurs to consider the value chain in the sector and also look at the various products or commodities that they want to deal in, as it will allow them to choose which one is likely to give better returns.
“You also need to understand the value chain. What is the value chain and what are you going into? Is it crops or animals, and then once you understand that you need to begin to look at the market,” he said.
He further asked entrepreneurs to look at developing strategies that will lead to growth in their businesses, create jobs and raise incomes.
“So, you are not just going into agriculture because you want to go into it. You should be able to formulate a plan that will lead to what we call a business plan. For instance, when you come to a financial institution like Absa, we will ask if you have a plan. If you don’t have, we will help you to develop it. It will help you focus on what you intend to do,” he added.
The 2020 edition of the Citi Business Festival has a line-up of radio and TV discussions.
It is featuring virtual business fora that would be live on Citi TV.
This year’s edition of the Citi Business Festival is brought to you by Citi Fm and Absa bank. It is supported by GIPC and Ghana’s comprehensive business news website, citibusinessnews.com.