GIRSAL Acknowledges Financial Institutions contributing to Agricultural Lending Excellence in Ghana

The Ghana Incentive-based Risk Sharing System for Agricultural Lending Project (GIRSAL) recently acknowledged the outstanding contributions of four partner financial institutions and two individuals in 2023, to encourage increased lending to agricultural businesses. The awards were intended to inspire more banks to actively support the growth of the agricultural sector, aligning with GIRSAL’s primary objective.

GIRSAL focuses on reducing the risk associated with agribusiness financing by Ghanaian financial institutions, thereby increasing lending to the agricultural sector and promoting financial integration within the sector. At the GIRSAL Partner Financial Institution Excellence Awards, Absa Bank Ghana emerged as the overall winner, securing three awards for the highest GIRSAL guaranteed agricultural credit, the highest total value of guaranteed credit, and the best quality agricultural credit.

Fidelity Bank Ghana received recognition in two categories: the most responsive partner financial institution of the year and the highest staff participation in GIRSAL’s agricultural and agribusiness finance training program. Consolidated Bank Ghana Ltd was honored as the partner financial institution with the highest guaranteed credit of the year.

Eric Nkansah of GCB Bank received the GIRSAL CEO’s special award for the best-performing relationship manager. Additionally, both training facilitators, Ricky Aboagye Poku and Eyram Atsu were acknowledged for their excellence in agricultural value chain and finance courses.

Kwesi Korboe, the CEO of GIRSAL, highlighted the significant growth in agricultural lending since the project’s inception, resulting in job creation and increased exports. Notably, GIRSAL played a pivotal role in establishing indigenous rubber factories, with the potential to contribute $50 million annually to the sector.

GIRSAL is also spearheading a groundbreaking model for the rice value chain, with a project established in Afram Plains. The goal is to leverage $50 million in financing within the value chain by the end of the year, fostering the production of quality rice, job creation, and reducing foreign exchange reliance.