US government food security strategy for Ghana expected to attract $261m investments
The first activity of a new US government food security strategy for Ghana is expected to attract private sector financing of about $261 million to enhance agribusiness in the country.
According to the US Embassy in Accra, the US Global Food Security Strategy for Ghana (GFSS) is a five-year, interagency effort that aims to increase agricultural productivity, improve nutrition, and raise household incomes for millions of Ghana’s agricultural workers.
The Embassy said in a press release copied to ghanabusinessnews.com that under the GFSS, the US Agency for International Development (USAID) is committing $19 million to support the initial activity, known as Feed the Future Ghana “Mobilizing Finance in Agriculture” (MFA).
It indicated that the MFA activity, which will run for four years, seeks to increase access to agricultural finance in select staple and commodity value chains such as maize, groundnuts, shea, soy, mango, cashew, and other high-value export commodities. The initiative will focus on facilitating transactions among buyers and sellers of the commodity crops and promoting exports, it added.
Commenting on the strategy, the US Ambassador to Ghana, Stephanie S. Sullivan said; “The US government reaffirms its commitment to assist Ghanaians to achieve self-reliance by helping businesses reap higher revenues and by strengthening trade between Ghana and the United States. With the ability to access loans at lower affordable rates, micro, small, and medium agricultural enterprises, including women- and youth-owned businesses, will be able to grow their businesses, expand into new markets, create good jobs, and export their goods.”
The Ambassador and the Vice President of Ghana, Dr. Mahamudu Bawumia launched the strategy Thursday May 6, 2021. The Minister of Food and Agriculture, Dr. Owusu Afriyie Akoto also attended the virtual launch along with representatives of financial, agricultural, government, and private sector stakeholders.
By Emmanuel K. Dogbevi
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