24-Hour Economy to provide on-lending support to agribusinesses - Ghana Business News

The Government of Ghana will offer loans with interest rates between eight and 12 percent. These loans are aimed at small and medium-sized enterprises (SMEs), especially agribusinesses, to help them expand for export.

The SMEs On-lending facility will be managed by the 24-Hour Economy Secretariat. This office is under the President's Office, along with the Bank of Ghana, Development Bank of Ghana, and some private financial institutions.

This initiative is part of the governing National Democratic Congress's (NDC) election promise. It was announced during a media launch for the 2025 Horticulture Expo in Accra on Tuesday.

Dr. Ishmael Nii Amanor Dodoo leads Innovative Finance at the 24-Hour Economy Secretariat. He explained that this financing model helps agribusinesses manage forex fluctuations and compete internationally.

To access these loans, agri-enterprises must belong to recognized associations like FAGE. This requirement aims to reduce investment risks and ensure loan recovery.

The facility will also provide seed capital, extension services, and technical training for farmers. This support will help them expand their businesses and add value to their products.

Dr. Dodoo emphasized that this initiative is not political but citizen-led. It aims to grow agricultural businesses and strengthen the economy.

He stated that the 24-Hour Economy Policy focuses on partnerships with the private sector. The goal is to unlock financial investments in agribusinesses while promoting food sufficiency and job creation for youth.

Dr. Dodoo added that Ghanaians should take control of their US$77 billion GDP. Addressing structural issues in the economy is essential for strategic value chains.

He highlighted the need to improve efficiency in the US$1.2 billion textile industry as an example.

Mr. Davis Narh Korboe, President of FAGE, expressed determination to exceed five billion dollars in non-traditional exports during his welcome remarks.

The second edition of the Horticulture Expo will occur at Accra International Conference Centre from June 11-13 this year.

The expo expects over 400 exhibitors and 5,000 participants from both local and international markets.

It aims to connect Ghanaian exporters with international markets through business meetings and networking opportunities.

Additionally, it will help exporters become more competitive globally by adopting innovative approaches and adding value to their products.

Key commodities promoted during the expo include coconut products, mangoes, pineapples, sweet potatoes, onions, and chilies.