Home / Knowledge / News / Textiles / Farmers to benefit from loan to cotton purchasing company
Farmers to benefit from loan to cotton purchasing company
07
Jan '09
The Ghana Cotton Company Ltd. (GCCL) has received a windfall in form of a contract loan from the Agricultural Development Bank to the tune of GH ¢2.6 million to be released by the Government of Ghana. The loan has been provided with the express purpose of purchasing cotton from the local farmers and also settle outstanding debts of the company.

This is the first time that the government has provided monetary support to help the cotton farmers, who have been crying hoarse on not receiving any kind of support from the government in recent years, which has led to a de-motivation of sorts among the cotton farmers of the country.

The farmers, since long have been complaining of not being able to sell their crop at remunerative prices and also not being able to find sources to dispose off the crop. Things had reached such a situation that farmers of three provinces had threatened to stop growing the crop in face of such adversities.

GCCL is one of the biggest cotton purchasers in the country but has been mired in a financial crisis since long due to which it was not able to fulfill its obligations of buying cotton from the farmers. But now after receiving this loan, the company hopes to once again support the poor cotton farmers of the country, by buying their cotton crop in the current season.

Fibre2fashion News Desk - India

Must ReadView All

Textiles minister Smriti Irani at a press conference with minister of state for textiles, Ajay Tamta, the principal director general (M&C), PIB, AP Frank Noronha and other dignitaries. Courtesy: PIB

Apparel/Garments | On 23rd May 2017

Special package for knitwear coming soon: Irani

Union textiles minister Smriti Irani said that the government of...

Apparel/Garments | On 23rd May 2017

Apparel, footwear use may rise by 63% in 2030: Report

The apparel and footwear consumption is projected to rise by 63 per...

Apparel/Garments | On 23rd May 2017

Gap Inc earns $3.4 bn in net sales in Q1 FY17

Gap Inc's net sales for the first quarter of fiscal year 2017 were...

Interviews View All

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search