Company gets $5m from first Volta rice harvest

Mr Everett Anderson, the Chief Executive Officer of Prairie Volta Limited (PVL), said the company had generated $5 million from the first rice harvest in September 2009 to December 2012.

He said the company had received $1,860,000 and $4,600,000 as loans from the Ghana Commercial Bank and Agricultural Development Bank respectively which had gone into the development and construction of irrigation systems, production and maintenance of the equipment and acquisition of new and modern farming and milling equipment.

Mr Anderson said this when Mr Samuel Okudjeto Ablakwah, Member of Parliament for North Tongu, visited the farm on Monday.

He said the company had reached an agreement on additional suitable farm land with the Traditional Council of South Tongu for up to 6,000 hectares which it will begin to develop when funding is available.

He said over the next five years the goal is to bring 6,000 hectares of land under cultivation and have 3,000 hectares as its base farm and use out-growers to cultivate the next 3000 hectares.

Mr Anderson said the company would provide seed and agronomy services to the farmers and buy the produce from the farmers and market it under its brand that is Brand Volta and the cost has been estimated to $27,320,200.

He said this would restructure existing loans of $6,320,200 the balance of $21,000,000 would be used to buy new assets, development, irrigation infrastructure and working capital for production and that $5,000,000 would enable the company to expand to 2,000 hectares.

Mr Ablakwah said the government was committed to ensuring that the company continues to achieve succesw business plan are looked into and advance its mission with all stakeholders to meet its financial demands for national development.

Source: GNA