The Bridge in Agriculture Programme, a game-changing program designed to give Small and Medium Enterprises (SMEs) in Ghana’s agriculture and associated industries access to reasonably priced funding and technical assistance, was formally inaugurated by Deputy Minister of Agriculture John Dumelo.
During the launch on Thursday, May 29, Mr. Dumelo emphasized the program’s significance in Ghana’s efforts to reform agriculture in a way that is inclusive, technology-driven, and youth-centered.
He conveyed the gratitude of the government to the Mastercard Foundation for its audacious idea and dedication to providing young people in Africa with respectable and rewarding work prospects.
“Agriculture employs close to 40% of Ghana’s total workforce and supports about 75% of the rural population,” he stated.
“However, the sector still faces critical challenges including limited access to finance, climate vulnerabilities, inadequate infrastructure, and a slow adoption of modern practices.”
The Bridge in Agriculture Program, which has $87 million distributed through partner banks to promote agribusinesses, especially those run by women and young people, is a strategic achievement, he said. The program will give loans with interest rates no more than 7% and provide beneficiaries with substantial hands-on capacity training.
Over 400,000 Ghanaian adolescents, 70% of whom will be women, are anticipated to benefit from the program, which is in line with the Ministry of Agriculture’s “Food to Feed Ghana” campaign. The objective is to help young entrepreneurs go from subsistence farming to technologically advanced, financially successful businesses that can compete in both home and foreign markets.
According to Fanta Fandi, Program Lead for the Bridge in Agriculture Program, it was created in 2023 and is a Mastercard Foundation flagship project.
With incorporated guarantees and extra funding to cover increased loan monitoring expenses in the agriculture sector, she clarified, the Foundation is giving partner banks 0% interest repayable grants to lend to SMEs at a capped rate of 7%.
Fandi went on to say that about 86,000 young Ghanaians between the ages of 18 and 35 had benefited from the initiative thus far by finding new or better employment possibilities.
Additionally, participants are receiving digital and practical skills training from business development service providers, who also help them find respectable jobs.
The Mastercard Foundation and CrossBoundary Advisory, which is in charge of a group of ten partners, are collaborating to carry out the program. The partnership, which aims to make a long-lasting influence in Ghana’s agriculture industry, consists of Peswa, a technology provider, Africa Skills Hub, and iBuilders Africa, business development providers.