The United States Government, through the U.S. Agency for International Development, and the Ghana Ministry of Industry has held the Ghana Agribusiness Investment Summit on November 16-18, 2021.
The virtual summit, brought together over 400 stakeholders in the agribusiness sector, transaction advisors, financial institutions, and investors, along with representatives of the United States and Ghana governments, non-governmental organizations, development agencies, and the donor community.
The theme for the summit is “Building a Resilient and Sustainable Ecosystem for Agricultural Financing.”
USAID Ghana Mission Director Sharon Cromer joined the Honorable Deputy Minister of Industry, Michael Okyere Baafi to open the summit, which is part of the USAID-supported Feed the Future Ghana Mobilizing Finance in Agriculture (MFA) initiative.
A more developed Ghana is a stronger trade partner for the United States. 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 mobilizing private capital to support Ghana’s agricultural growth,” said USAID GHANA Mission Director Sharon Cromer reaffirming the U.S. Government’s commitment to help Ghanaians move from subsistence farming and low value addition to become a leader in Africa’s agricultural development.
Read also: Agric Minister to meet BoG, Finance Ministry on financing module to support millers
Ghana’s Deputy Minister of Industry, Michael Okyere Baafi, delivering the keynote address noted, “The agriculture sector plays a critical role in Ghana’s broader effort to achieve greater industrialization. Government, in recognition of the sector’s significant contribution to the national industrialization agenda, has introduced programs such as the One-District-One Factory (1D1F) Initiative, a nationwide effort to establish at least one major factory in every district in Ghana.”
The 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 Activity 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 U.S. Government’s initiative to end global hunger. Led by USAID and driven by collaborative partnerships 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