Improving Agricultural Lending in Ghana: Policy LINK Engages Stakeholders
Participants at the May 11, 2023 workshop presenting responses from their group interactions (photo: Policy LINK).
The September 2022 Policy LINK assessment provided a comprehensive overview of Ghana's agricultural lending ecosystem.
The Feed the Future (FtF) Ghana Policy LINK Activity organized a workshop on Thursday, May 11, 2023 to disseminate the findings of a recently published Agricultural Lending Assessment. The workshop served as a platform for stakeholders within Ghana's agricultural lending space to familiarize themselves with the assessment’s findings, collaboratively prioritize the assessment's policy recommendations, and strategize their implementation.
The Policy LINK Agricultural Lending Assessment in Ghana was completed in September 2022. The assessment provided a comprehensive overview of the country's agricultural lending ecosystem and proposed a range of short, medium, and long-term actions to unlock additional finance for the sector at affordable rates.
Recognizing the regulatory challenges that impede the development of a vibrant agricultural lending ecosystem, Policy LINK has been actively engaging with key stakeholders since the beginning of 2023. These consultations have involved crucial entities such as the Bank of Ghana (BoG), the Ghana Association of Bankers, the Securities and Exchange Commission (SEC), the National Insurance Commission (NIC), the Ghana Agricultural Insurance Pool (GAIP), the Ghana Fintech Association, Development Partners (DPs), USAID Implementing Partners (IPs), and international finance projects.
The objective of these stakeholder engagements is to address critical regulatory issues identified in the Agricultural Lending Assessment. Through collaborative efforts, Policy LINK aims to co-create measurable and actionable plans or roadmaps with each stakeholder to tackle these challenges. By involving all relevant parties, Policy LINK can meaningfully facilitate coordination and collaboration toward the effective implementation of measures that will spur agricultural lending in Ghana.
The dissemination workshop saw the active participation of over 30 individuals from both the public and private sectors. Attendees included representatives from the insurance, banking, and fintech industries. During the workshop, participants engaged in thorough discussions, collectively agreed on priorities, and identified ongoing interventions related to the assessment's recommendations. Furthermore, they identified the leading institutions responsible for coordinating and driving collaborative efforts toward successful implementation.
By bringing together stakeholders from various sectors, the workshop marked a crucial step in improving agricultural lending in Ghana. The informed discussions and consensus reached during the event hold the promise of igniting positive changes in the country's agricultural finance landscape, ultimately benefiting smallholder farmers, and supporting the growth of the agricultural sector as a whole.
Resources
Read about and download the Agricultural Lending Assessment.