The UN Resident Coordinator’s Office has revealed that recent policy reforms by the Ghanaian government are creating a more conducive environment for agrifood investments.
Speaking at the Business Executives Dialogue for members of the UN Global Compact in Accra, Mr. Peter Aidoo commended the government’s move to cancel the e-levy and streamline procurement processes. He stated that such measures were critical to attracting private sector investment into agriculture.
Raising concerns about Ghana losing over $1.4 billion annually to financial leakages, nearly half of what the country is borrowing from the IMF, he stated that the cancellation of USAID funding had reduced funding to Ghana to about GHC 156 million. He then called for innovative ways to raise funds to address the financial gap.
Government has introduced several strategic policies aimed at transforming the agricultural sector, enhancing food security, and reducing the nation’s reliance on food imports. These initiatives are encapsulated in the Agriculture for Economic Transformation Agenda (AETA) and are being implemented through the flagship Feed Ghana Programme.
Some of such policies include the Feed Ghana Programme, Farmer Service Centres, Cocoa Sector Support, Agro-Industrial Value Chains, among others.
With agriculture being vulnerable to global shocks, from climate to trade, stronger governance and targeted investment in food systems are not just policy options, but economic imperatives.
Investment Opportunities In Climate Change
Meanwhile, the Ministry of Finance has revealed that institutions have a massive opportunity to attract international funding by aligning operations with climate-friendly goals.
Also speaking at the Business Executives Dialogue in Accra, Mr. Foster Aboagye Gyamfi, Principal Economics Officer in the Climate Finance Division, Ministry of Finance, urged organisations and financial institutions to engage the Ministry to leverage climate financing to boost their business portfolios.
Mr Gyamfi stated that, the Green Climate Fund support in Ghana is the largest international climate finance fund, with the 2020-2023 replenishment of $8 billion. He also called for investment in the private sector to accelerate the desired development.
He emphasized that over-relying on donor countries for financial assistance was not sustainable.
Experts noted that shifting toward climate-smart practices also reduces operational risk and increases market competitiveness, especially with global trade regulations increasingly favouring green products.
The Green Climate Fund (GCF ) is currently the world’s largest dedicated multilateral climate fund and the main multilateral financing mechanism to support developing countries in achieving a reduction of their greenhouse gas emissions and an enhancement of their ability to respond to climate change.
Story by: Caris Adjei London
