The USAID-Financing Ghanaian Agriculture Project (USAID-FinGAP)?launched today, at the Alisa Hotel in Accra.?? The five-year,?United States Agency for International Development?(USAID) project?focuses on attracting finance options for rice, maize and soy value chains in Northern Ghana.? The project will identify and develop agribusiness opportunities and facilitate investments from financial institutions through the use of business advisory service providers.
USAID-FinGAP falls under the United States? Partnership for Growth (PFG) and Joint Country Action Plan with the Government of Ghana. The PFG?s overall goal is to assist Ghana to sustain and broaden its economic growth by addressing one of the key constraints of private sector development in Ghana: access to credit. Furthermore, the project is part of USAID?s?Feed the FutureProgram, which aims to establish commercially-driven agricultural development services critical to sustainably reducing food insecurity in Ghana.
USAID-FinGAP was initiated in July 2013 and has since identified agribusiness investment opportunities in the three value chains. The project has also partnered with commercial banks, leasing companies, private equity and impact investors willing to provide necessary financing. Business advisory service providers have?been?mobilized?through?performance-based?contracts?to?provide consulting services to agribusinesses in order to generate investments from financial institutions.
Commenting on the relevance of the project, Mr. Jim Bever, USAID Ghana, Mission Director, stated, ?FinGAP?represents a commitment by the American people, not just towards increasing food security but also in reducing poverty and encouraging inclusive agriculture-led economic growth and development here in Ghana.?
Mr. Rick Dvorin who serves as the project?s Chief of Party described FinGAP?s approach to addressing the access to finance constraint as ?a partnership-driven model, leveraging the?capacity of private sector investors to define the technology, investment, and capacity building required for Ghana to gain a competitive advantage and meet its internal food security needs.?