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Farmers, agribusinesses to receive US$2.63m COVID-19 support

BY: Graphic Business
The MFA Activity will increase financing for smallholder farmers and agribusiness

Farmers and agribusinesses, including women and youth-led ones, whose activities have been negatively impacted by the COVID-19 pandemic will receive support from a US$2.63 million grant by the United States government.

The ‘COVID-19 Relief and Resilience’ grants will be awarded to total of 12 agricultural finance intermediaries at a ceremony in Tamale, Northern Region to support the farmers and agribusinesses to mitigate the effects of the pandemic and make them more resilient against possible future shocks.

This will be carried out through the USAID-supported Feed the Future Ghana Mobilising Finance in Agriculture (MFA) Activity.

The 12 intermediaries were selected from among 84 applicants who participated in a competitive process that followed the launch of the COVID-19 Relief and Resilience Challenge Fund by the MFA Activity in March this year.

A media release issued by the MFA Activity said the grants would help the intermediaries meet demand for finance and investment for production and processing activities in maize, soy, cowpea, groundnut, shea, mango, cashew and pineapple value chains to ensure local food security and increase the country’s foreign exchange through exports.

From 2020 to 2024, the MFA seeks to help 81,493 enterprises access US$261 million in finance, leading to US$500 million in new sales.

The MFA is also supporting Ghana’s agricultural financing system to mitigate the negative impacts of the ongoing COVID-19 pandemic on farmers and agribusinesses. As of August 2022, the MFA had facilitated US$146 million to approximately 10,000 agribusinesses including 62 per cent female-led enterprises in the MFA target value chains.

Feed the Future is the US government’s initiative to end global hunger. Led by the USAID and driven by collaborative partnerships across public and private sectors, including 11 US government agencies, Feed the Future addresses the root causes of poverty and hunger.

This is done by boosting inclusive agriculture-led economic growth, resilience, and nutrition in countries with great need and opportunity for improvement.

Keynote

USAID is the lead US government agency that works to end extreme global poverty and enable resilient, democratic societies to realise their potential.

USAID's activities and strategic partnerships support Ghana's journey to self-reliance and advance an integrated approach to development.

USAID also promotes accountability, sustainable systems, and inclusive development.