The United States Ambassador to Ghana, H.E. Gene A. Cretz has revealed that?the U.S. Government, through USAID has committed to invest $250 million through President Obama?s Feed the Future Initiative.
According to him, agribusinesses and financial institutions need to maximize good investment opportunities with minimal risk.
“USAID, through the FinGAP project, supports both the supply side of finance as well as the demand side, through a Business Advisory Service providers? network. A network focused on helping you to identify these opportunities,” he said.
He averred that access to credit has been a major challenge for businesses in Ghana, especially Small and Medium Enterprises. However, the situation is even more severe for the agricultural sector. Only about 4% of lending in Ghana goes to the Agricultural sector.
Ambassador Cretz noted that the number of Ghanaians involved in agriculture implies that private sector investment into the agriculture value chains is critical to reducing poverty and spurring economic growth in Ghana, and that steps must be taken to address the issue of high cost of credit, which is holding back investments into the agricultural sector.
“Since last year?s summit, we?ve seen great progress. The U.S. Government is committed to supporting Ghana as you improve financial sector infrastructure and access to finance. We look forward to walking with you toward a goal of Overcoming Obstacles to Unlocking Agricultural Investments in Ghana.”?