Upper Manya Klo Bank, Others Commended

The German delegation with officials of Upper Manya Kro Rural Bank, Out-Growers Farmers and the Asare Odometa Plantation

Deputy Minister in-charge of Economic Development of the German Development Corporation, Dr Friedrick Kitchelt, has commended the Asare Odometa Plantation Limited, Upper Manya Kro Rural Bank Limited and Klo Oil Palm Out-growers Association for successfully utilizing a loan from the German Government to develop the oil palm plantation.

The Asare Odometa Plantation Limited, technical operators, provides the farmers with all the technical knowhow to develop their farms.

The Upper Manya Klo Rural Bank lends money to the farmers to ensure that they are able to get all their farm equipment to work on their farms.

The German Deputy Minister made the remark after visiting and interacting with all parties in the plantation project at Asesewa in the Eastern Region.

Dr Kitchelt said there could be an additional investment into the oil palm plantation, saying “there could be a third phase of this partnership.”

According to him, government should ensure that it comes out with policies that will make the farmers independent to be able produce more food on their own instead of rallying on grants.

Tripartite system
Chief Executive of the plantation, Nenenyo Mate-Korle, who welcomed the delegation, said the funding has helped to engage 98 farmers.

He said the Asare Odometa plantation took GHc500,000 to buy the processing plants while the Klo Out-growers Association took same amount.

“This scheme is a tripartite arrangement. My business in Asare Odometa Limited is to provide technical assistance to the farmers and supply them inputs while the Upper Manyo Klo Rural Bank Limited serves as the financial operator that disburses the funds for the beneficiary members within the Association.

“The arrangement is that they grow the trees and sell them to Asare Odometa Plantations, and we pay them by cheque through the bank so that the bank will be able to recover their fund.

He said “the project, which started as a family business, has grown into a large-scale farm, which should be supported well enough to champion the government's policy on 'One-District-One-Factory' model within the locality, Mr. Mate-Korley underscored.

Lifeline
Deputy Managing Director of Upper Manya Klo Rural Bank Limited, Andrew Akyeampong, said his outfit provided the farmers with credit to the tune of about GH¢981,000, of which a portion went to the Asare Odometa Plantation and the rest to the Out-growers Association.”

Government readiness
Deputy Minister of Agriculture in-charge of Tree Crops, William Agyapong Quaitoo, said he was happy with how the model is well crafted, and assured the German delegation that government would enact policies to make the farmers independent.

A business desk report