Ghana Launches New Financing Frameworks to Boost Cocoa, Oil Palm, and Strategic Crops

Ghana has initiated a major step to strengthen agricultural financing by setting up three Technical Committees to develop new funding frameworks for cocoa, oil palm, and other key economic crops. This move aims to address long-standing financial bottlenecks that have hindered productivity and growth in the agricultural sector.

The Minister for Finance, Dr. Cassiel Ato Forson, inaugurated the committees, emphasizing that improved access to financing is critical to driving Ghana’s agricultural transformation. He noted that cash crops like cocoa and oil palm play a pivotal role in the economy, making strategic financial support essential for sustainable growth.

The first to be established is the Technical Committee on Agriculture Financing, tasked with drafting a comprehensive policy framework within three weeks. Members include representatives from the Ministry of Finance, Bank of Ghana, EXIM Bank, GIRSAL, and the Development Bank of Ghana, signaling a collaborative approach to unlocking investment in the sector.

Additionally, two specialized committees—the Oil Palm Project Committee and the Cocoa Project Committee—were inaugurated. These bodies bring together experts from the Ministry of Food and Agriculture, Ministry of Trade and Industry, Ghana Cocoa Board, Tree Crops Development Authority, Forestry Commission, and the Environmental Protection Authority. Their mandate is to develop practical strategies to enhance productivity and sustainability in the value chain.

According to Dr. Forson, these efforts align with Ghana’s broader economic agenda, ensuring that agriculture becomes a driver of industrialization and job creation. He reaffirmed the government’s commitment to leveraging public-private partnerships to close financing gaps and secure long-term growth in strategic crop production.

Source: Citi newsroom