21 August 2024, Tamale, Ghana – The first Inclusive Finance and Impact Investment Forum (IFIF 2024) officially began in Tamale, Northern Ghana today, bringing together more than 150 stakeholders from women-led agribusinesses and the finance and investment sector.
Organized by MEDA’s Greater Rural Opportunities for Women 2 (GROW2) project, which is funded by Global Affairs Canada, and in collaboration with the Department of Agribusiness at the University for Development Studies (UDS), the forum’s objective is to address the critical challenges faced by women-led agribusinesses in the Northern, Upper West, and Savannah regions of Ghana. Under the theme “Inclusive Finance and Impact Investing: A Catalyst for Sustainable Development in Northern Ghana,” the forum provides a platform for these businesses to connect with potential investors, share their experiences, and explore innovative financing opportunities.
Eyem Elcons from ANDE West Africa delivered a keynote address virtually at the forum’s opening ceremony. In her speech, she emphasized that access to finance continues to be a significant barrier for women, and underscored the role of the Inclusive Finance and Impact Investment Forum in supporting the overall vision of the UN Sustainable Development Goals (SDGs). She highlighted that addressing this barrier is essential to ensuring that everyone has the opportunity to earn a livelihood, which can unleash entrepreneurship as a powerful tool for alleviating poverty. Elcons called upon participants to find solutions that not only uplift individuals, but also transform communities and societies.
Dr. Pierre Diegane Kadet, MEDA’s Regional Director for the West and Central Africa Region, also spoke at the opening ceremony for the forum, where he highlighted MEDA’s efforts in transforming agricultural systems for women-led agribusinesses and farmers in 79 countries, including Ghana. With support from Global Affairs Canada, MEDA has now supported agri-food initiatives through projects including GROW, FEATS, and GROW2.
The GROW2 project has now expanded beyond the Upper West Region to include the Northern and Savannah regions, noted Majeed Mohammed, Senior Development Officer at Global Affairs Canada (GAC). Mohammed also noted the important extension of the value chain focus in the project from soybeans to groundnuts and vegetables. He acknowledged and welcomed the efforts made by government stakeholders, the private sector, civil society, and other partners through the forum to increase access to finance for women-led agribusinesses in these value chains across regions.
Representing the University for Development Studies (UDS), Dr. Vivia Boateng, Head of the Department of Agribusiness, commended the strong collaboration between MEDA and the Department of Agribusiness at UDS, highlighting their shared commitment to exploring transformative programs that drive positive change. She emphasized the objectives of the forum, which include fostering dialogue among investors, financial service providers, and business developers to create meaningful connections and opportunities.
The timeliness of this forum given the prolonged drought threatening food security in Ghana was also noted by Hawa Musah, the Regional Director of the Department of Agriculture, on behalf of government agencies. Through the forum, these challenges and solutions will be brought into focus, emphasizing the importance of inclusive finance and impact investment in empowering women farmers to overcome such barriers and contribute to resilient agricultural systems.
“There is a need for creating a more inclusive financial environment that supports the growth and sustainability of agribusinesses, and this forum will set forth discussions centered on how to better integrate finance into the agricultural value chain to drive impactful change. This is crucial in building a robust agricultural sector that not only benefits businesses but also enhances livelihoods and fosters economic growth,” said Ernest Tasbortor from the Ghana Incentive-Based Risk Sharing System for Agricultural Lending.
The IFIF 2024 will run from August 21-23, featuring panel discussions, breakout discussions, workshops, networking sessions, and field visits to agribusinesses, fostering collaborations and paving the way for future investments in women.
