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Bringing Together Farming and Financing: USAID-FinGAP Hosts 3rd Annual Ghana Agribusiness Investment Summit

The USAID Financing Ghanaian Agriculture Project (USAID-FinGAP) last month hosted the 3rd Annual Ghana Agribusiness Investment Summit in Accra. The Summit connected investors, financial institutions, business advisory services (BAS) providers, and agribusinesses to facilitate much-needed financing to improve agricultural activities, increase food security and stimulate economic growth in Ghana.

USAID-FinGAP supports USAID Ghana’s activities in the United States Government’s Feed the Future Strategy, which aims to establish commercially-driven agricultural development service critical to reducing food insecurity and poverty. USAID-FinGAP is also contributing to the joint efforts by USAID and the Government of Ghana to address the major constraint to Ghana’s economic growth, including the development of financial sector infrastructure and increasing small, medium, including large enterprises’ (SMiLEs) access to finance”- Robert P. Jackson, United States Ambassador to Ghana.

USAID-FinGAP Acting Chief of Party Dr. Victor Antwi delivers welcome remarks at the opening of the 3rd Annual Ghana Agribusiness Investment Summit at the Movenpick Hotel in Accra.

Over 400 stakeholders, including local and international investors, agribusiness owners, farmer-based organizations, development agencies, government and non-governmental organizations, and local BAS providers, attended this year’s “Expanding the Frontiers of Agricultural Finance in Ghana” Summit, up from 150 attendees in its maiden year. By the conclusion of the event, a total of 105 agribusinesses working along the value chains in maize, rice, and soy had engaged with 24 BAS providers and 25 financial institutions, initiating potential agricultural financing deals of approximately $200 million.

USAID-FinGAP held presentations and panel discussions on agricultural financing, showcased agribusiness investment opportunities in the maize, rice and soy value chains, and linked agribusiness firms in need of financing to business advisory services providers and financial institutions.

The full range of presentations and panel discussions included:

• “The Future of Agriculture under the National Development Plan” presented by Dr. Nii Moi Thompson, Director General of the National Development Planning Commission
• “Public-Private Partnership for Agribusiness Financing” presented by Thomas Essel, Bank of Ghana
• “Alternative (Equity) Financing for Agribusiness” presented by Philip Kobina Abodoh, GAX Officer, Ghana Stock Exchange
• “Digital Finance Initiatives” presented by Dr. William Derban, Fidelity Bank
• “Alternative (Equity) Financing for Agribusiness” presented by Philip Kobina Abodoh, GAX Officer, Ghana Stock Exchange
• “Mobilizing Alternative Finance for Long-Term and Equity Financing” panel discussion
• “Success Stories on Effective Models of Expanding Agribusiness Finance” panel discussion
• “The Future of Agricultural Finance” panel discussion led by multi-donor organizations

This year’s Summit also had an added focus on technology. USAID-FinGAP highlighted its Investment Mapping System (IMS), an innovative and interactive web-based application that provides access to real time data on current and future agricultural activities in the region. In addition, the project launched a new investment promotion website which will serve as a comprehensive, ongoing resource for investors and agribusinesses on agricultural financing in Northern Ghana.

USAID-FinGAP's Investment Mapping System (IMS) provides access to real time data on current and future agricultural activities across Ghana.

“It was a great event, well planned and executed,” Richard Ahenkora Osei of Serengeti Capital, a BAS provider, said. “USAID-FinGAP did a good job by getting BAS providers and SMiLEs together in one place. We engaged with nine enterprises that we will follow up on for financing. The success stories presented gave us insight into the success factors and challenges in accessing financing.”

“The 3rd Annual Ghana Agribusiness Investment Summit has come at the right time as Ghana's current policy focus is to create the enabling environment to attract investment into agricultural infrastructure development to support industrial growth and improve food security,” Dr. Ahmed Yakubu Alhassan, Ghana’s Deputy Minister of Food and Agriculture, said. “It presents a unique opportunity to look at the private sector’s role in developing inclusive commercial agriculture growth in Ghana.”

 

About USAID-FinGAP
Launched in 2013, USAID-FinGAP is a five-year project aimed at facilitating finance and investment into the supply chains for maize, rice, and soy in the north of Ghana. A key focus is improving ancillary services so that agribusinesses can operate at full capacity and expand levels of food security in the country. In less than three years, USAID-FinGAP has facilitated over $85 million in private capital from financial institutions into targeted value chains, surpassing its five-year target of $75 million. The results so far have benefited over 63,000 smallholder farmers in Northern Ghana engaged in the production of staple food crops. Funded by USAID, the project is implemented by CARANA Corporation, a Palladium company.

For more information contact:
Victor Antwi, Deputy Chief of Party, USAID-FinGAP, +233 (0) 245 734 634; +233 (0) 208 150 673; vantwi@carana.com

Amanda Fernandez, Senior Manager, Economic Growth, CARANA/Palladium, +1 (703) 243-1700; Amanda.Fernandez@thepalladiumgroup.com.