Mastercard Foundation Launches Bridge-In Agriculture

Government officials and partners at the programme

 

Mastercard Foundation in partnership with CrossBoundary Advisory and support from consortium partners including Access Bank, Ecobank, Fidelity Bank, First National Bank, Stanbic Bank and Zenith Bank, as well as business development firms Africa Skills Hub and Mind Builders Africa, and technology provider Peswa, has launched the Bridge-in Agriculture initiative to empower young entrepreneurs in the agriculture industry.

The initiative aims to make affordable capital and technical support available for small and medium enterprises (SMEs) in agriculture and adjacent sectors, as well as equip young people, especially women, with skills through training.

Bridge-in Agriculture programme is working with commercial banks to lend to agribusinesses at a single digit interest rates, to help them expand their operations and create new jobs, and also reduce poverty levels among the youth and women in the country.

Speaking at the launch last Thursday, the Deputy Minister for Food and Agriculture, John Dumelo, mentioned that agriculture is the bedrock of Ghana’s economy, stressing that the sector employs about 75% of the rural population.

He added that the Bridge-in Agriculture programme is aligned with the ministry’s agenda of Feed Ghana programme, which seeks to ensure all year round production, and improve productivity through food systems resilience.

The Deputy Minister further stated that the initiative is a strategic intervention to target the structural problems facing the sector such as limited finance, inadequate infrastructure and slow adaptation to modern practices.

He disclosed that the programme will help young entrepreneurs transition their businesses from subsistent farming to commercially viable and technological enable enterprises that are fit for both domestic consumption and export.

He advised the youth in agribusiness to start small and build upon their growth, in order not to accumulate so much loses as startup, and urged them to take advantage of the initiative to build sustainable businesses and become job creators, to help build a prosperous agriculture sector.

He also applauded the banks for their support to the programme.

Speaking at the launch, the Managing Director of CrossBoundary Advisory and Programme Lead for Bridge-in Agriculture, Fanta Conde, mentioned that the programme seeks to unlock the potentials of the agriculture sector, focusing on creating dignified employment for women, and investing in the agricultural sector.

She stated that the programme provides access to affordable capital from their partners to the SMEs in the agricultural sector, capacity building, technical assistance and training for youth and women to acquire business skills to influence the agricultural sector.

She stated that the programme was designed to incentivise banks for a five-year period to lend to the agricultural sector, specifically targeting underserved population with the hope that the banks will continue to help the sectors based on their experience, learnings and relationships gathered over the period.

Fanta added that the goal of the programme is to impact 400,000 young people, with 70% being women and 5% persons with disabilities.

Beneficiaries also shared the impact of the programme for their businesses. The founder and manager of Tropical Snacks, Augustina Asor Tufuor, testified that the training she received from Africa Skills Hub helped her gain the necessary knowledge needed for her business, adding that the 5,000 dollars she received for emerging as winner of the pitch competition helped support her business, which she used to purchase machines to improve productivity and also employ new staff to join her production team, as well as expand the number of farmers required for the business.

She urged young entrepreneurs to be open minded and ready to learn new things.

By Florence Asamoah Adom

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