Ghana's agriculture sector $100 million earmarked for agriculture - BoG governor

The funding is aimed at improving Ghana's agriculture sector with focus on risk sharing, technical assistance insurance; bank incentive mechanism, bank rates, digital financing and non financial services insurance.

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Bank of Ghana Governor, Dr. Abdul-Nashiru Issahaku play

Bank of Ghana Governor, Dr. Abdul-Nashiru Issahaku

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Bank of Ghana Governor, Dr. Abdul Nasir Issahaku, has disclosed that about 100 million dollars has been earmarked to address high risks associated with agriculture which prevents banks from lending to players in the value chain.

The funding is aimed at improving Ghana's agriculture sector with focus on risk sharing, technical assistance insurance; bank incentive mechanism, bank rates, digital financing and non financial services insurance.

The funding is in collaboration with the Ministry of Food and Agriculture and AGRA.

Issahaku made these comments at the maiden SME fair under the theme ‘SME Financing in Ghana — Enhancing Access and Reducing Costs.’

“The central bank in collaboration with the Ministry of Food and Agriculture and AGRA, have been working tirelessly to implement the Ghana Incentive based risk sharing agricultural lending borrowed from Nigeria and Kenya," Issahaku said.

"At the moment, the central bank has earmarked close to 100 million dollars for this project. The broad aim is to leverage substantial flows of investment funds and support of agriculture across the value chain,” he added.

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The fair marked Isshaku's first public engagement after granting an interview to Reuters in which he said in intends to reduce the country's high inflation and spur economic growth.

At the fair, he also urged banks to revise and develop new banking models to target Small and Medium-sized Enterprises (SMEs) because that sector of the economy is critical "for promoting inclusive economic growth."

According to him, BoG will pursue "policies that contribute to growth by working with banks to provide incentives and encourage lending to productive sectors of the economy; and most importantly for banks to lend at reasonable rates, especially to SMEs.”

“Given the dynamic business environment in which the SMEs operate, it should be a matter of priority for us to respond creatively by facilitating new financing modalities, or special windows, to complement the traditional financing options,” he added.

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