World Bank provides additional 50 million dollars for Ghana's Agricultural Sector

Accra, May 16, GNA - Board of Directors of the World Bank (WB) has approved 50 million dollars to the Government in the form of budget support for the implementation of the country's Medium Term Agriculture Sector Investment Plan (METASIP).

The WB programme known as the Agricultural Development Policy Operation, supports important policy and institutional reforms that will enhance the development and adoption of agricultural technology, such as improved seeds and fertiliser.

This is contained in a released issued to the Ghana News Agency in Accra on Wednesday.

It said a key aspect of the programme was smallholder commercialisation and the development of a socially inclusive out-grower model that would attract increased private investment in the sector.

The release said the programme would support accelerated irrigation development, and improved governance of the fisheries sector.

“A key result of this facility, which is the second in the series, will increase production and productivity through improved crop yields. This will enhance Ghana's competitiveness in the sector, expanding export agriculture and local food production, while increasing farmer incomes,” it said.

Mr Jan Nijhoff, Agricultural Economist, based in the WB's Ghana Office said: “Over the past few years, the World Bank has been scaling up its support to Ghana's agricultural sector with strategic investments that ensure that the sector continues to grow and contributes to job creating and food security in Ghana.”

“In doing so, the sector is being increasingly modernised and commercialised. It is our expectation that these investments will help leverage additional investment from the private sector and bring thousands of small-holder farmers into commercial value-chains,” it added.

The WB's current portfolio in Ghana consists of 31 International Development Assistance-financed projects with a net commitment of approximately 2 billion dollars.

Established in 1960, IDA is part of the WB that assists the world's poorest countries.

GNA