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06.05.2021 Agriculture

U.S. Ambassador Launches $19 Million activity to boost Agriculture Finance in Ghana

U.S. Ambassador Launches $19 Million activity to boost Agriculture Finance in Ghana
06.05.2021 LISTEN

Accra, Ghana –U.S. Ambassador to Ghana Stephanie S. Sullivan joined Vice President of Ghana H.E. Dr. Mahamudu Bawumia on May 6, 2021, to outdoor a new U.S. government food security strategy.

The first activity is expected to attract $261 million in private sector financing to boost Ghanaian agribusiness.

The Honourable Minister of Food and Agriculture Dr. Owusu Afriyie Akoto also attended the virtual launch along with representatives of financial, agricultural, government, and private sector stakeholders.

The U.S. Global Food Security Strategy for Ghana (GFSS) is a five-year, interagency effort that aims to increase agricultural productivity, improve nutrition, and raise household incomes for millions of Ghana’s agricultural workers. Under the GFSS, the U.S. Agency for International Development (USAID) is committing $19 million to support the initial activity, known as Feed the Future Ghana “Mobilizing Finance in Agriculture” (MFA).

The MFA activity, which will run for four years, seeks to increase access to agricultural finance in select staple and commodity value chains such as maize, groundnuts, shea, soy, mango, cashew, and other high-value export commodities. The initiative will focus on facilitating transactions among buyers and sellers of the commodity crops and promoting exports.

Ambassador Sullivan described this new program within the framework of the United States and Ghana’s long-standing partnership to improve food security, increase trade and investment flows, and support resilient and inclusive economic growth. In her remarks, Ambassador Sullivan noted that, “The U.S. Government reaffirms its commitment to assist Ghanaians to achieve self-reliance by helping businesses reap higher revenues and by strengthening trade between Ghana and the United States. With the ability to access loans at lower affordable rates, micro, small, and medium agricultural enterprises, including women- and youth-owned businesses, will be able to grow their businesses, expand into new markets, create good jobs, and export their goods.”

The MFA activity will mobilize investment for Ghana’s agricultural sector to become an engine of sustainable growth, self-reliance, and shared prosperity. It will work to connect financial institutions, business advisory service providers, and agricultural enterprises, providing access to strategic partnerships, technical support, and smart incentives to help financing flow to where it is most needed and help more Ghanaians thrive.

About Feed the Future

Feed the Future is the U.S. Government’s initiative to end global hunger. Led by USAID and driven by collaborative partnership across public and private sectors, including 11 U.S. Government agencies, Feed the Future 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.

About USAID

USAID is the lead U.S. government agency that works to end extreme global poverty and enable resilient, democratic societies to realize their potential. USAID's activities and strategic partnerships support Ghana's journey to self-reliance and advance an integrated approach to development. USAID promotes accountability, sustainable systems, and inclusive development.

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