IFC partners with Absa Bank Ghana and Complete Farmer to expand agricultural finance in Ghana
IFC has announced two partnerships with Absa Bank Ghana LTD and Complete Farmer to expand access to finance across Ghana’s agricultural sector and support smallholder farmers through financing and technology. IFC’s partnership with Absa Bank Ghana will expand financing for Licensed Buying Companies to purchase cocoa from farmers throughout the buying season, helping sustain market […]
The International Finance Corporation (IFC) has announced two new collaborations aimed at enhancing access to finance within Ghana's agricultural sector and supporting smallholder farmers. The first partnership is with Absa Bank Ghana, which will expand financing for Licensed Buying Companies to purchase cocoa beans from farmers throughout the buying season.
This initiative will benefit over 139,000 smallholder farmers, who are vital to Ghana's cocoa export industry, providing livelihoods for millions of people. The arrangement, supported by the Private Sector Window of the Global Agriculture and Food Security Program (GAFSP), will finance the purchase of traceable cocoa from Ghanaian farmers and promote sustainable farming methods in line with climate change commitments.
Absa Bank Ghana's Managing Director, Edward Nartey Botchway, emphasized the importance of the partnership in protecting market access for farmers and promoting a sustainable and resilient cocoa value chain.
In its second partnership, IFC is working with Complete Farmer, a Ghanaian AgTech company. The collaboration aims to connect more smallholder farmers with financial institutions through the use of Complete Farmer's digital platform. This platform links farmers with buyers, financial institutions, input suppliers, and agricultural service providers.
The IFC's support will help Complete Farmer to expand its services to 240,000 farmers, improving access to finance by 2030. Desmond Koney, CEO of Complete Farmer, highlighted the need for better financial access for farmers who are capable of commercial farming but struggle to obtain the necessary funding. This partnership builds on Complete Farmer's use of technology, data, and market infrastructure to support farmers' production and market connection.
Over time, the IFC and Complete Farmer partnership aims to ensure that more farmers have the resources and support needed to grow sustainably and participate meaningfully in agricultural markets.
Overall, the IFC's partnerships with Absa Bank Ghana and Complete Farmer represent a multi-faceted approach to addressing key gaps in Ghana's agricultural value chain. These initiatives demonstrate how private investment can bolster a more productive and resilient agricultural sector, contribute to job creation, enhance food security, and foster economic growth in Ghana.
Written by urgent.news from Joy Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
