Ghana and the United States (US) have launched a US Government Food Security Strategy in Ghana through enhancing agribusiness.
Mrs Stephanie S. Sullivan, the US Ambassador to Ghana, joined Vice President Dr Mahamudu Bawumia to launch the Strategy.
A statement issued by the US Embassy in Accra said the first activity is expected to attract $261 million in private sector financing to boost Ghanaian agribusiness.
It said Dr Owusu Afriyie Akoto, the Minister of Food and Agriculture, also attended the virtual launch along with representatives of financial, agricultural, government, and private sector stakeholders.
The statement said the US Global Food Security Strategy for Ghana (GFSS) was a five-year interagency effort that aimed to increase agricultural productivity, improve nutrition, and raise household incomes for millions of Ghana’s agricultural workers.
Under the GFSS, the US Agency for International Development (USAID) was committing 19 million dollars to support the initial activity, known as Feed the Future Ghana – “Mobilizing Finance in Agriculture” (MFA).
According to the statement, the MFA activity, which would run for four years, sought to increase access to agricultural finance in selected staple and commodity value chains such as maize, groundnuts, shea, soy, mango, cashew, and other high-value export commodities.
It said the initiative would focus on facilitating transactions among buyers and sellers of the commodity crops and promote exports.
Mrs Sullivan said the new programme within the framework of the US and Ghana’s long-standing partnership would improve food security, increase trade and investment flows, and support resilient and inclusive economic growth.
“The US Government reaffirms its commitment to assisting Ghanaians to achieve self-reliance by helping businesses reap higher revenues and strengthen trade between Ghana and the United States.
“With the ability to access loans at lower affordable rates, micro, small, and medium agricultural enterprises, including women – and youth-owned businesses, will be able to grow their businesses, expand into new markets, create good jobs, and export their goods”, she added in the statement.
The statement said it would work to connect financial institutions, business advisory service providers, agricultural enterprises, and provide access to strategic partnerships, technical support and smart incentives to help the flow of finances to where it was most needed.
Feed the Future is the US Government’s initiative to end global hunger.
Led by USAID and driven by collaborative partnership 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.
USAID is the lead US Government agency that works to end extreme global poverty and enables resilient and democratic societies to realize their potential.