Ghana secures $600m IFAD funding for rural agric project

The Ministry of Finance has secured $600 million from the International Fund for Agricultural Development (IFAD) for capacity-building for Rural Agricultural finance Programme.

Mr Idris Abdul Azziz Mashood, Assistant Economic Officer, Micro-Finance Unit of the Ministry of Finance, made this known at a day’s pro­gramme for members of the Central Regional branch of the Ghana Co-operative Susu Collectors Association (GCSCA) in Cape Coast.

Mr Azziz said potential ben­eficiaries would have to chan­nel their proposals through their apex bodies for consideration.

He said the project would pay 70 per cent of the proposal while the 30 per cent would be borne by the beneficiary organisations.

He asked organisations to take advantage of the facility to build their capacity to enhance their operations.

The Central Regional President of GCSCA, Mr A.R. Sapara-Grant, in his welcome address, urged members to register with the association to benefit from the packages offered by the association.

He advised members to adhere to the guidelines spelt out for their operations by the Bank of Ghana to ensure their continuous operations.

The National President of GCSCA, Mr Elvis Aboagye­Manu, said the association had signed a memorandum of understanding with Fidelity Bank to assist members of the association in their operations.

He said the GCSCA would embark on a sensitisation pro­gramme for its members next year.

He advised the members to register with the association to reap the benefits of its offers and urged them to also take up insurance policy to safeguard their operations.

A Deputy Manager of the Bank of Ghana (BoG) and Banking Supervision Department, Mr Alex Tagoe, called on members of the asso­ciation to stick to their core business of Susu collection and not to operate as entities which granted loans.

Mr Tagoe said the BoG would sanction members of the association who flouted the regulations guiding their operations.

The acting General Secretary of GCSCA, Mr Obed Yaw Asamany, asked the mem­bers to keep proper accounts and data on their operations for effective assessment of their tax liabilities and other benefits from the association.

Source: Daily Graphic