The Ministry of Finance, with funding from the International Fund for Agricultural Development (IFAD), has launched the Affordable Agricultural Financing for Resilient Rural Development (AAFORD) Project.
The project aims to improve food security and living standards for smallholder farmers, poor and vulnerable women, and youth. It will also increase productivity, income, and resilience of smallholder farmers in the Northern and Middle zones of Ghana.
The AAFORD project will be based in Sunyani and targets to provide services directly to about 75,000 poor rural households and indirectly to about 465,000 individuals in smallholder households.
Over 540,000 smallholder rural individuals are expected to benefit from the project. The project is designed to provide financing to small and large farmers, farmer-based organizations, and all Micro, Small, and Medium Enterprises (MSMEs) engaged in agriculture-related business.
The launch of the AAFORD Project aims to create awareness and promote interest among Farmer Based Organizations (FBOs), Market Intermediaries, Community Institutions, and Participating Financial Institutions (PFIs).
It is also expected to increase participation and support by partners, stakeholders, and beneficiaries in the project’s catchment area.
The launch event was attended by representatives from various Ministries, IFAD, Bank of Ghana, GHAMFIN, AAFORD Steering Committee, Apex Bank, FBOs, Community Institutions, and Participating Financial Institutions.
The AAFORD project which was launched by Hon. Mohammed Amin Adam, Minister of State at th Ministry of Finance seeks to increase access to affordable finance in support of better market linkages, sustainable and climate change adapted agricultural intensification, skills and enterprise development in agricultural value chains.
It also aims to support inclusive policy engagement and build on women and youth potentials as untapped resources for family resilience.
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source: TheGhanaReport