The Ministry Food and Agriculture Ghana has secured a major boost for its agricultural transformation agenda after signing a $1.5 billion Ghana AgriConnect Compact with the World Bank, the International Fund for Agricultural Development (IFAD), the International Finance Corporation (IFC), and other development partners.
The compact is expected to create more than 2.6 million jobs over the next five years, while driving investments across the agricultural value chain, improving food security, and strengthening the country’s agribusiness sector.
Speaking after the signing ceremony, Minister for Food and Agriculture, Eric Opoku described the agreement as a significant milestone in government’s efforts to modernise agriculture and make the sector a key driver of economic growth.
According to him, the initiative will help unlock opportunities for farmers, agribusinesses, and young people while supporting efforts to reduce Ghana’s dependence on food imports.
“This compact represents a new chapter for Ghana’s agriculture sector. It brings together strategic partners and resources needed to transform agriculture into a major source of jobs, income, and economic growth,” he said.
The Minister added that the programme aligns with government’s broader vision of building a resilient and competitive agricultural sector capable of meeting domestic food demand and expanding exports.
The International Finance Corporation’s Division Director for West Africa, Nathalie Kouassi Akon, said the private sector will play a crucial role in achieving the objectives of the compact.
She noted that unlocking private investment in agriculture is essential to creating sustainable jobs and building stronger agricultural value chains across the country.
“Agriculture presents enormous opportunities for investment and job creation. Through this partnership, we aim to help attract the capital and expertise needed to unlock the sector’s full potential,” she said.
For her part, Lakshmi Moola, IFAD Country Director for Ghana, stressed the importance of ensuring that smallholder farmers remain at the centre of the transformation agenda.
She indicated that the compact provides an opportunity to improve livelihoods, strengthen rural economies, and build resilience against climate-related shocks.
“We are committed to supporting inclusive agricultural development that empowers farmers, improves incomes, and creates opportunities for rural communities,” she stated.
The Ghana AgriConnect Compact is expected to support investments in agricultural production, processing, storage, logistics, and market access while enhancing climate-smart farming practices.
Officials believe the initiative could become a catalyst for broad-based economic growth, positioning agriculture as a major source of employment and prosperity over the next five years.
Source: myjoyonline.com