$ 23 million AFT Fund to support bankable agricultural projects in Ghana

Company News From Thursday, April 18, 2019

Source: citibusinessnews.com

2019-04-18

The African Development Bank is confident that a new $ 23 million grant, obtained through the Fast Track Agriculture Implementation Fund, will go a long way in improving certain aspects of the African value chain. Agriculture in Ghana.

The funds, which will benefit 17 new projects in 8 countries, should be used for feasibility studies, market badyzes and studies of environmental and social impact, among others, to contribute to the development of new projects. a large portfolio of "bankable" agricultural infrastructure projects.

Funds from the Accelerated Fund for Agriculture (AFT Fund) of the $ 23 million grant from the Governments of Denmark (via DANIDA), the United States (via USAID) and Sweden (through 39, intermediate of AIDS) are managed by the Ministry of Agriculture and the United Nations. Agro-Industry Department of the African Development Bank.

Of the 17 small and medium-sized agri-food companies receiving the subsidy, Ghana and Tanzania each had the largest number of four beneficiaries; Burkina Faso, Malawi and Mozambique had both, while Ethiopia, Nigeria and Senegal had only one. .

Dr. Jonas Chianu, AfD AfD Fund Coordinator, in an interview with Citi Business News on the sidelines of the launching mission of the 17 newly approved grant projects, highlighted the criteria for beneficiary selection and approval. expected impact of the fund.

"When we look at the proposals we have received, we look at the impact on job creation, gender, and the impact on the development of agricultural infrastructure. Since we operate in 10 countries, the impact of our project will be widespread. "

For his part, Emmanuel Fordjour, head of the Africa Development Unit at the Ministry of Finance, while commending the donor agencies and the African Development Bank for their funds, said the program was playing a essential role in the government's plans to transform the agricultural sector in Ghana.

"The government should naturally provide such support to Ghana's agri-food companies, but because of the growing demand for public funds, it is unable to do so. It is therefore a relief to have the support of the AfDB to help SMEs to propose projects that can be financed that will support the growth of the agricultural value chain on the continent.

The 17 small and medium-sized agribusiness beneficiaries are expected to receive between US $ 100,000 and US $ 1.5 million for feasibility studies, among others.

For one of the beneficiaries, John Carl Dunyo of Farmeline, the fund will support their attempts to expand their business.

"Hopefully, this fund will help us conduct a feasibility study on warehouse building in the Western West region, in the Brong Ahafo region and in the Ashanti region of Ghana."

The fund, according to Techiman Processing Complex Limited, will ultimately badist them in their efforts to improve all aspects of the tomato value chain in the Techiman region and in the country in general. Wil Aparloo Ofori is the CEO of Techiman Processing Complex Limited.

"Hopefully this fund helps us secure the funds needed to put in place the systems needed to improve the tomato industry value chain. This will allow us to produce enough tomatoes so that our market queens stop going to Burkina Faso for tomatoes. "