May 13, 2008

Chinese firms extend loans to fish farms in Ghana

Chinese firms are extending US$40 million in loans to fish farmers in Ghana to boost fish production there.
 

Ghana's Ministry of Fisheries contracted a 40- million dollar loan from the Chinese Government to begin a 2,000 hectare fish farming project on River Pra at Shama in the Western Region.

The Ministry signed a Memorandum of Understanding (MOU) with two Chinese companies, Chinese National Fisheries Corporation and Lu Ye Fisheries, to secure the loan.

Mrs Gladys Asmah, Minister for Fisheries said under the MOU, a joint committee comprising representatives of the companies and the Ministry would supervise the project, aimed at providing employment for the youth.

Mrs Asmah explained that the companies would provide equipment for construction works and supply the farmers with high quality fingerlings and after harvesting buy the fish from them.

She said the Ministry would assist the farmers with soft loans to be repaid within 12 months to construct ponds and supply of fingerlings.

The Ministry has spent funds training about 400 farmers to begin their own projects and more would be trained as the project progresses.

She said last year 95,000 fingerlings were supplied during the launching to the management of Kwabs Farms Limited.

Mrs Asmah noted that fish farming was one of the most lucrative businesses that could be undertaken and urged rural youth to get involved in fish farming.