Absa Bank, in collaboration with the United States Government, has launched a $20 million financing program designed to strengthen agricultural micro, small, and medium-sized enterprises (MSMEs) in Ghana.
This partnership underscores Absa Bank’s unwavering commitment to enhancing financial inclusion within Ghana’s agricultural sector. It aligns with the bank’s broader mission of nurturing the growth of MSMEs and empowering local farmers and agribusinesses.
Led by the U.S. International Development Finance Corporation (DFC) in coordination with USAID, the program will see Absa Bank Ghana facilitating up to $20 million in lending by reducing risk and expanding credit accessibility to underserved regions and borrowers, especially in northern Ghana.
The initiative is expected to create employment opportunities, enhance food security, and contribute to the overall economic development of the country.
During the partnership signing ceremony, Grace Anim-Yeboah, Business Banking Director at Absa Bank, expressed her enthusiasm, stating, “We are thrilled to collaborate with USAID and other partners on this vital initiative. Agriculture is a cornerstone of the Ghanaian economy, and supporting MSMEs in this sector is pivotal to driving economic growth and prosperity.”
“We are confident that this initiative will not only improve the livelihoods of small-scale farmers but also enhance the sustainability and resilience of Ghana’s agricultural sector,” added Grace Anim-Yeboah.
Scott Nathan, the CEO of U.S. International DFC, emphasized the U.S. government’s commitment to supporting Ghana in fully harnessing its agricultural potential through the expansion of small businesses in the agriculture sector. He noted that these partnerships underscore their ongoing dedication to the success of Ghana’s private sector and economic growth in the country.
The U.S. Ambassador to Ghana, Virginia Palmer, who attended the signing ceremony, expressed her excitement at the successful establishment of this partnership to support the growth of agribusinesses
Ambassador Palmer highlighted the DFC’s commitment to backing agriculture projects that promote small businesses, contribute to healthy populations, and enhance the livelihoods of communities in Ghana.
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