Local fishermen can expect to power their fishing boats with state-of-the-art outboard motors as the Agricultural Development Bank (ADB) pre-financed the purchase of 1,300 outboard motors at a cost of GH¢19.8million for the Coastal Development Authority (CODA) and the Ministry for Fisheries and Aquaculture Development.

The 1,300 outboard motors, which were presented to the authority and the ministry in Tema on Friday are expected to be sold to the local fishers at highly subsidized prices since ADB absorbed all the related cost which amounted to about GH¢7million. Japan Motors and Tri-continental Trade Incorporated aided the bank in the importation of the outboard motors.

Dr. John Kofi Mensah, Managing Director of the bank, in his speech noted that the importation and subsequent presentation of these outboard motors wouldn’t have been made possible without the keen support from President Nana Addo Dankwa Akufo-Addo.

“This presentation of 1300 outboard motors made up of 1200 (40HP) and 100 (15) Yamaha products was imported by ADB on an arrangement with the Ministry of Fisheries and Aquaculture Development and the Coastal Development Authority. As a bank with the mandate of supporting the agribusiness along the value chain, we deem it a duty to continue supporting our hardworking fishers,” he said.

He also lauded Ministry of Finance for granting tax exemptions and waivers on levies which all culminated into the very competitive prices of the products. “The role of the Minister for Fisheries and Aquaculture Development in the process of obtaining these waivers cannot be over emphasized.”

He expressed hope that the presentation of these outboard motors will further deepen the relationship between the bank and the hardworking fishers especially at a time when government is determined to promote agribusiness as a key component of economic growth.

“I urge our fisher folks not to shy away from visiting any of our branches to transact business and also access loans for the growth of their businesses. ADB was established for them that is why we have ensured that we have branches in most of our coastal towns, Osu, Teshie, Nungua, Tema, Mankessim, Cape Coast, Denu, Sogakope, Takoradi and several others,” he added.

Minister for Fisheries & Aquaculture Development, Elizabeth Afoley Quaye, commended ADB for agreeing to pre-finance the purchase of the outboard motors and said the purchase will go a long way in helping meet the fish stock of Ghanaians. She stated that this was the largest number of outboard motors to be sold at a very competitive price to the fisher folks.