OVER 400 stakeholders in the agribusiness sector, transaction advisors, financial institutions, and investors took part in the recent Ghana agribusiness investment summit.
The virtual summit which is part of the US Agency for International Development (USAID) supported Feed the Future Ghana Mobilising Finance in Agriculture (MFA) initiative, also brought on board representatives of the United States (US) and Ghana governments, non-governmental organisations (NGOs), development agencies, and the donor community.
It was organised by the USAID and the Ministry of Trade and Industry on the theme, “Building a Resilient and Sustainable Ecosystem for Agricultural Financing”.
The USAID Ghana Mission Director, Ms Sharon Cromer, reaffirmed the US government’s commitment to help Ghanaians move from subsistence farming and low value addition to become a leader in Africa’s agricultural development.
“A more developed Ghana is a stronger trade partner for the US. We look forward to continuing to support Ghana as it continues along its journey towards prosperity, sustainable growth, and self-reliance in agriculture.
“Innovative financing tools will be key to mobilising private capital to support Ghana’s agricultural growth,” she said.
In a keynote address, the Deputy Minister of Trade and Industry, Mr Michael Okyere Baafi, said the agriculture sector played a critical role in Ghana’s broader effort to achieve greater industrialisation.
“Government, in recognition of the sector’s significant contribution to the national industrialisation agenda, has introduced programmes such as the One-District-One Factory (1D1F) initiative, a nationwide effort to establish at least one major factory in every district in Ghana," he said.
The Ghana Agribusiness Investment summit connects 60 agribusinesses in the maize, soy, groundnut, cowpea, mango, cashew, shea, and other high-value export crop sectors to international and local investors, financial institutions, and transaction advisors working with the MFA to access investments.
These investments will enable the agribusinesses to purchase agricultural inputs and machinery to increase production, improve food security, and stimulate inclusive economic growth.
The MFA is a four-year $19 million activity that will improve access to finance for farmers and agribusinesses in Ghana.
Using a two-pronged approach, MFA facilitates access to loans and investment, and helps financial institutions to better understand the agribusiness sector and develop appropriate financial tools for farmers and agribusinesses.
The activity is expected to help 81,493 agricultural enterprises receive $261 million in finance, leading to $500 million in new sales.
- Feed the Future is the US Government’s initiative to end global hunger.
- It addresses the root causes of poverty and hunger.
- This is done by boosting inclusive agriculture-led economic growth, resilience, and nutrition in countries with great need and opportunity for improvement.
- USAID is the lead US government agency that works to end extreme global poverty and enable resilient, democratic societies to realise their potential.