The USAID Financing Ghanaian Agriculture Project (USAID-FinGAP) says in the last 18 months, it has facilitated the financing of agriculture in Ghana to the tune of $13.5 million.
The Chief of Party, USAID-FinGAP, Rick Dvorin made this known at a one-day Ghana Agribusiness Investment Summit in Accra, Ghana Wednesday April 29, 2015.
The investments were made in the rice, maize and soya value chain.
He also indicated about $30 to $60 million is in the pipeline to facilitate lending to farmers in the future.
He said Ghanaian farmers don’t only face challenges to access financing, but there are also high interest rates.
Mr Dvorin said the aim of USAID-FinGap projects is to seek to increase household incomes and facilitate lending to farmers. He noted that USAID-FinGAP’s facilitation helps to reduce risks to lenders, and urges that “with reduced risks must come reduced interest rates.”
The one-day Summit brings together lending institutions, advisory services companies and NGOs working to improve agriculture in the country, and it is under the theme, “Overcoming obstacles to unlocking agricultural investments in Ghana.”
By Emmanuel K. Dogbevi