twitter RSS Feed linkedin acp contact

Ghanaian farmers to benefit from US$50mn MasterCard Fund

Canada-based MasterCard Foundation has announced it will provide a US$50mn fund to help improve the lives of smallholder farmers in Ghana by enabling agricultural businesses to extend financial services in the country

GhanaMasterCard Foundation’s fund is expected to support ideas that will have the potential to have a deep social impact on the lives of rural people of Ghana. (Image source: CIAT/Flickr)

Roger Morier, senior communications manager at MasterCard Foundation, said that the goal of the fund was to transform lives by increasing access to financial services for at least one million financially excluded people living in rural and agricultural areas of Ghana.

MasterCard Foundation aims to do so by supporting financial service providers or institutions with a financial solution to develop new or expand existing financial products, services or delivery platforms that will increase financial access for people living in poverty, rural or agricultural areas, Morier added.

Reeta Roy, CEO of MasterCard Foundation, noted, “Over the last decade, many countries in sub-Saharan Africa have enjoyed substantial economic growth but much of this growth has not benefited the rural poor, especially smallholder farmers who are mostly women and who depend on subsistence agriculture for their livelihoods.

"This new fund will stimulate private sector organisations to provide affordable and accessible savings, credit and insurance products. These services are essential to enable Ghanaian farmers to increase productivity and incomes.”

Roy revealed that the fund will be managed by KPMG International Advisory Service of Ghana.


LATEST NEWS IN Agriculture

African Development Fund approves US$6.4mn grant to increase financial access for agricultural value chain entrepreneurs

African Development Fund approves US$6.4…

The Board of Directors of the African Development Fund, the African Development Bank Group’s (AfDB’s) concessional lending window, has approved a grant US$6.4mn to Gambia to implement the Incentive-Based Risk-Sharing...

Esri partners with Microsoft to support sustainable agriculture development in Africa

Esri partners with Microsoft to support …

To help support government and non-profit organisations on the continent address climate change, water supply and food security challenges, Esri, the global leader in location intelligence, has collaborated with Microsoft...

USAID and NASA renew partnership to address development and humanitarian challenges

USAID and NASA renew partnership to addr…

On 4 November, Administrator Samantha Power signed a Memorandum of Understanding (MoU) between the U.S. Agency for International Development (USAID) and the National Aeronautics and Space Administration (NASA) to renew...

Norway promises top-up contribution of urgently needed climate finance

Norway promises top-up contribution of u…

On 9 November 2022, Norway, as part of a commitment to triple its support to climate adaptation by 2026, has pledged an additional US$9.5mn contribution of urgently needed climate finance...

CotonChad and IDH sign partnership with Better Cotton

CotonChad and IDH sign partnership with …

Better Cotton recently signed a multi-stakeholder Letter of Intent to participate in the landscape approach, developed with local stakeholders in Chad in conjunction with IDH, intending to work towards improving...

NFU president Minette Batters appointed as ambassador of Farm Africa

NFU president Minette Batters appointed …

Farm Africa, a charity that promotes sustainable agricultural practices, strengthens markets and protects the environment in rural eastern Africa, has announced the appointment of NFU president Minette Batters as an...

Prev Next

OTHER RELATED ARTICLES - Agriculture

IFC, Madagascar to develop insurance to protect smallholder farmers

IFC, Madagascar to develop insurance to …

The IFC and the Madagascar government have announced an agricultural insurance programme to assist Madagascar's farmers in building stronger climate resilience, increasing productivity, and gaining easier access to financial services

FAO and SADC facilitate development of National Pest Management Strategies

FAO and SADC facilitate development of N…

The Food and Agriculture Organization (FAO) and Southern African Development Community (SADC) are working with the Centre for Agriculture and Bioscience International (CABI) to provide technical support to SADC Member...

Nigeria's agriculture sector to get US$1.8bn

Nigeria's agriculture sector to get US$1…

The Nigerian Agribusiness Group (NABG) has plans to invest US$1.8bn for the development of agribusiness across Nigeria

Ghana hosts FAO food security conference

Ghana hosts FAO food security conference

Ghana has hosted a special training session and meeting in Accra for 15 FAO representative countries in the West African sub-region

Farm Radio Trust programme helping Malawi farmers amid COVID-19

Farm Radio Trust programme helping Malaw…

Farm Radio Trust, a long-term partner of the World Food Programme (WFP) in Malawi, is using radio and other channels such as a dedicated hotline and texting, to share weather...

Perstorp unveils chloride-free potassium product

Perstorp unveils chloride-free potassium…

Perstorp, global specialty chemical providers, has launched Amicult K42, chloride-free potassium product that aims to protect crops against frost damage

Canadian government backs agricultural development in Ethiopia

Canadian government backs agricultural d…

Minister MacKay and MP Armstrong have rolled out two projects that will help increase farmers’ productivity and resilience in Ethiopia

Challenges and opportunities for transforming agrifood systems discussed at FAO meet

Challenges and opportunities for transfo…

Organised by the Food and Agriculture Organization (FAO), representatives from food and agriculture systems across Africa virtually convened at the 2nd African Agribusiness Leadership Dialogue (AALD), discussing the challenges and...

Bühler commits to technology to improve the world

Bühler commits to technology to improve …

Ian Roberts, Bühler’s chief technology officer, addressed the Annual Results event on the topic of “Innovations for a better world”

Agriculture flourishes in Africa

Agriculture flourishes in Africa

Modern farming methods are helping farmers buffer themselves from the harsh consequences of adverse weather and unfavourable market conditions with a new philosophy; high-yield seeds

African farmers turn to climate-smart agriculture

African farmers turn to climate-smart ag…

Farmers in Africa are increasingly embracing climate-smart agriculture, a recently released book has claimed

Ghanaian government to boost cocoa sector

Ghanaian government to boost cocoa secto…

The Ghanaian government has launched a multi-million dollar project to resuscitate Ghana's cocoa industry, emphasising the importance of expanding the sector

Prev Next