Mastercard Foundation, partners allocate US$87m to agric SMEs

Loans under the programme will have interest rates up to seven percent. Beneficiaries will receive hands-on capacity building.

Fanta Conde leads the 'BRIDGE in Agriculture Programme.' She described it as a flagship initiative of the Foundation. The Foundation provides partner banks with zero-interest grants for lending to SMEs. These loans are capped at seven percent and include guarantees and funds for monitoring costs.

So far, the programme has helped about 86,000 young Ghanaians aged 18 to 35. They have gained new or improved work opportunities.

At the launch, Deputy Minister of Agriculture John Dumelo spoke about its importance. He emphasized the need for inclusive, technology-driven agricultural transformation. Agriculture employs around 40 percent of the workforce and supports nearly 75 percent of rural populations.

Despite potential in agriculture, challenges remain. These include access to finance, infrastructure issues, climate change, and slow adoption of modern farming trends.

The minister thanked Mastercard Foundation for its commitment to creating jobs for young people in Africa.

CrossBoundary Advisory leads this initiative with Mastercard Foundation's support. It is delivered by a consortium that includes Access Bank, Ecobank, First National Bank, Fidelity Bank, Stanbic Bank, and Zenith Bank. Business development firms Africa Skills Hub and Mind Builders Africa also participate along with technological partner Peswa.