MasterCard, MiDA invest $6.1m in rice value chain project
The MasterCard Foundation and the Millennium Development Authority (MiDA) have sealed a $6.1 million deal to transform the rice value chain.
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The collaboration aims to revolutionise the country's rice sector through the implementation of a programme — Harnessing Agricultural Productivity and Prosperity for Youth (HAPPY).
The signing ceremony in Accra recently marked the commencement of a five-year project that will extend its impact until May 31, 2028.
The fund disbursement period is set to span four years, from December 1, this year, to November 31, 2027.
Beneficiaries
The primary beneficiary of the initiative is the Kasunya Economic Enclave Project, a vital component of the Ghana CARES “Obaatan Pa” programme under the Ministry of Finance.
The project aims to operationalise 6,000 acres out of 10,000 in the Kasunya region, foster innovation, training, skill development and implementation support.
The Minister of Finance, Ofori-Atta, who witnessed the signing, highlighted the strategic importance of the collaboration, saying "this partnership signifies a major milestone in our efforts to boost agricultural productivity”.
Also, present was the Board Chairperson of MiDA, Professor Yaa Ntiamoa-Baidu.
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The minister said the $6.1 million grant from the MasterCard Foundation, in conjunction with MiDA’s expertise in the agricultural value chain, would play a pivotal role in the successful implementation of the project.
Roles
The grant will serve as initial working capital for primary production actors involved in the rice sector.
It is expected to be strategically utilised to elevate the rice value chain and stimulate economic prosperity in the Greater Accra Region.
The programme is in collaboration with key partners such as the Ministry of Food and Agriculture (MoFA), the Ghana Irrigation Development Authority (GIDA), the National Entrepreneurship and Innovation Programme (NEIP), the 48 Engineers Regiment of the Ghana Armed Forces, and private sector anchor farmers.
Focus
Mr Ofori-Atta further said that the intervention would focus on innovation, training, skill development and strategic support in the rice value chain.
"We are committed to leveraging this funding to provide working capital for primary production actors, paving the way for increased job creation and a 20 per cent boost in national rice output," he added.
The minister said over the next four years, the programme would yield remarkable outcomes, including the creation of 38,269 jobs, with 70 per cent designated for women.
“Additionally, a projected 20 per cent increase in national rice output, cultivation of 2,560 hectares of rice, and a substantial reduction in rice import costs expected to surpass $45 million underscore the programme’s commitment to catalysing sustainable growth,” he added.