The Millennium Development Authority (MiDA) is set to collaborate with the International Finance Corporation (IFC) to transform Ghana’s agricultural sector through a major boost in agribusiness investment and development.
This was disclosed during a working visit by Kyle Kelhofer, IFC Senior Manager for Ghana, Liberia, and Sierra Leone, to the Chief Executive Officer of MiDA, Mr. Alexander Kofi-Mensah Mould.
The meeting centered on strategic partnerships aimed at unlocking the potential of key agricultural enclaves across the country.
Briefing the IFC official, Mr. Mould highlighted MiDA’s ongoing efforts in developing three major agricultural economic enclaves located in Kasunya, Oti, and Afram Plains.
These areas collectively span nearly 50,000 acres of arable land earmarked for large-scale agribusiness development.
According to Mr. Mould, MiDA is currently constructing critical infrastructure in these enclaves — including irrigation systems, electricity supply, road networks, and housing for anchor farmers. Once development is complete, the lands will be leased to private developers for commercial farming activities.
However, Mr. Mould emphasized the need for robust feasibility studies to ensure the viability and cost-effectiveness of the planned infrastructure investments.
“To attract the necessary funding, we need comprehensive feasibility studies done, especially regarding land use and infrastructure costs, including irrigation,” he said.
He also mentioned that he had been traveling across the country to profile anchor farmers, understand their challenges, and gather insights that could help shape policies aimed at supporting President John Mahama’s administration in making informed decisions on agricultural enclave development.
Highlighting government priorities, Mr. Mould reiterated the administration’s commitment to reducing the national import bill and achieving food self-sufficiency through targeted investments in agriculture.
Mr. Mould, who is also a former Executive Director at Standard Chartered Bank responsible for Wholesale Banking, stated that he is collaborating with government policymakers to provide targeted subsidies for farmers.
These subsidies focus on farm infrastructure development and agronomic inputs and tools—particularly machinery for land clearing and development, as well as irrigation equipment.
In response, Mr. Kelhofer pledged IFC’s support in undertaking detailed feasibility assessments for the three agricultural enclaves. He also assured MiDA of IFC’s willingness to mobilize potential foreign direct investors for the project, drawing parallels with a similar initiative the IFC successfully implemented in Sierra Leone.
The partnership marks a significant step toward transforming Ghana’s agricultural landscape and positioning the country as a key player in regional food production and agribusiness.
SOURCE: BFT ONLINE
