Young entrepreneurs who wish to venture into agribusiness have been advised to pay critical attention to three areas in order to survive.
For such individuals, identifying a sustainable market, using the right technology and financing are the main ingredients required to succeed in the space.
Head of Agribusiness at Absa Bank Ghana, Mr. William Nettey, highlighted these when he spoke 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.
According to him, the COVID-19 pandemic has presented a great opportunity for the youth to take advantage of agriculture, and this is dependent on how we the aforementioned challenges are surmounted.
According to him, marketing is key, as one needs to figure out where they are going to sell their produce, who will buy them and how they’re going to do it.
He said “without an appropriate market to sell to, you’ll make losses.”
“We need to know what we are producing for. If we do not know who we are producing for, at the end of the day, we will not know where to take it to. Also, we need to identify a sustainable market where we consistently send the products, who you should have a contract with and know the volumes they want”.
He also spoke about the use of the right technology.
“Another issue is technology. How we incorporate technology into agribusiness is key. There are simple ways of looking at technology so we are can see the results. Even the type of seeds, the type of chemicals we are using, the type of tractors, and how deep they plough the soil such that you get the nutrients is important. Technology will help you work on all these things to be able to plant the right seeds and make sure you are getting the right yields,” he stated.
He further noted that financing is critical and “many people are complaining about financing, but there are ways of looking at it. Look out for the many options, tap into them, and talk to the right people about it.”
Following the COVID-19 pandemic, the global food value chain has been affected.
As a result, a lot of countries are now deliberately working on the food security, and reducing dependence on food imports.
The agricultural sector is gradually becoming a feasible source of employment and value addition for many individuals.
The 2020 edition of the Citi Business Festival started on Monday, June 1, 2020, with an array of radio and TV programmes.
It is sponsored by the Ghana Investment Promotion Authority (GIPC), ABSA Bank, Citi FM and powered by Ghana’s most comprehensive business news website, www.citibusinessnews.com.