US gives US$261m grant to farmers

Published 2023년 5월 4일

Tridge summary

The USAID-supported Ghana Mobilising Finance in Agriculture (MFA) initiative is set to provide up to US$261 million in loans to agribusinesses, with a focus on women-led SMEs in the agricultural sector. The funding, which will be available until 2024, aims to boost production in key agricultural areas and is expected to generate US$500 million in new sales. Since its inception, the MFA has already facilitated over US$152 million in financing to around 12,600 agribusinesses, including 62% female-led enterprises. The initiative is part of the US government's efforts to support women in agribusiness and promote economic development in Ghana.

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Original content

The United States Agency for International Development (USAID)-supported initiative, Ghana Mobilising Finance in Agriculture (MFA), is committing up to US$261million in loans to expand financing to agribusinesses – including women-led small and medium-size enterprises (SMEs) in the agricultural sector. The money, according to the USAID and Feed the Future Ghana, is to enable agricultural enterprises scale up production in areas such as seed acquisition, fertiliser procurement and processing, among others. As a medium-term funding for up to the year 2024, the MFA envisages supporting some 81,493 agricultural SMEs in the cereal, grains and legumes – as well as tree crops – value chains to access the fund through selected transactional advisors. Chief of Party for Feed the Future Ghana, Dr. Victor Antwi – who revealed this at the 2023 Women in Agribusiness Summit in Accra, said the amount will expectedly lead to US$500million in new sales by end of the funding year. He disclosed that ...

Source: Thebftonline