AGI treasurer urges businesses to invest in agribusiness as Ghana spends over $2bn on food imports

At the Youth Empowerment Summit organised by Tesano Baptist Church, the National Treasurer of the Association of Ghana Industries (AGI), Ralph Ayitey, challenged young entrepreneurs to take bold steps into agribusiness and manufacturing, describing them as critical pillars for Ghana’s long-term economic survival.

He cautioned that Ghana’s overdependence on food imports, currently costing the nation more than US$2 billion annually, poses a direct threat to food security, inflation control, and job creation. “We import vegetables from countries that should rather be importing from us. That cannot continue,” he stressed.

Mr. Ayitey underscored the importance of collaborative investment, urging young people to pool resources in consortiums or partnerships to start ventures, even if they cannot individually raise the large capital required. “You can start small. The point is to begin production, not wait for the perfect conditions,” he advised.

Beyond financing, he called for a mindset shift toward patient capital, where investors allow businesses the time to grow sustainably instead of chasing quick returns. According to him, this would shield startups from collapsing under the weight of high interest loans.

“The private sector will thrive if interest rates drop to single digits by 2026. That’s when we will see true job creation and long-term growth,” he said, urging policymakers to create a friendlier lending environment.

Mr. Ayitey further urged the youth to view the government’s recent waiver on import duties for agro-processing machinery as an opportunity to invest in value addition. He explained that focusing on local production will reduce inflationary pressures, stabilise the cedi, and lessen Ghana’s reliance on imports.

With the theme of the summit being youth empowerment, his message was clear: Ghana’s young entrepreneurs must take the lead in transforming agriculture and manufacturing into wealth-creating sectors that secure the country’s future.