World Bank approves $50m credit for agriculture in Ghana
The World Bank has announced approval for a $50 million credit for Ghana to be invested in the agriculture sector.
The Bank in a press release copied to ghanabusinessnews.com, says the credit is to support Ghana in building a strong foundation for high, inclusive and sustainable growth in agriculture, “a key sector which supports the livelihoods of most people.”
According to the Bank this additional financing for the Ghana Commercial Agriculture Project (GCAP) will increase the area under irrigation by about 8,000 hectares, including providing additional 1,500 hectares of new land under irrigation.
This financing will directly benefit over 14,000 farm families and agribusinesses particularly in the Northern Development Authority area (Northern Region, Upper East and Upper West regions) and the Accra plains, the Bank said.
It noted further that the rehabilitation and modernization of the irrigation schemes will help the country produce more than one crop per season. The rehabilitated schemes, when utilized to maximum capacity will help Ghana improve its domestic food production, particularly in rice, thereby contributing to reducing the country’s reliance on rice imports, it added.
“The additional financing will also help the Government achieve its objectives under the Planting for Food and Jobs Campaign by supporting commercial seed production, and this is in line with Ghana’s agricultural commercialization and modernization agenda,” the World Bank Director for Ghana, Henry K.G. Kerali was quoted as saying.
The closing date of the project is now extended to December 31, 2020.
“This is meant to ensure full completion of the rehabilitation of the selected big irrigation schemes,” said Marianne Grosclaude, World Bank Manager for Agriculture Global Practice for West Africa.
By Emmanuel K. Dogbevi