Parliament approves US$ 50 million GCAP loan


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By
Christopher Arko  

Accra, Sept. 28
GNA-Parliament has approved the amended Financing Agreement between Ghana and
the International Development Association (IDA) for an amount equivalent to US$
50 million to finance the Ghana Commercial Agriculture Project (GCAP).

The facility provides
Ghana with a special drawing rights to access the funds to improve agricultural
productivity and p

By
Christopher Arko  

Accra, Sept. 28
GNA-Parliament has approved the amended Financing Agreement between Ghana and
the International Development Association (IDA) for an amount equivalent to US$
50 million to finance the Ghana Commercial Agriculture Project (GCAP).

The facility provides
Ghana with a special drawing rights to access the funds to improve agricultural
productivity and production of both smallholder and nucleus farms in the
country.

Dr Mark Assibey
Yeboah, Chairman of the Finance Committee, in presenting the Committee’s report
explained that, the original financing for the Ghana Commercial Agriculture
Project (GCAP) was approved by Parliament on August 16, 2012 and subsequently became
effective on April 8, 2013.

He said the objective
of the project was to increase access to land, private sector finance, input
and out markets by smallholder farmers from Public-Private-Partnerships (PPPs)
in Commercial Agriculture in the Accra Plains and the Savannah Accelerated
Development Authority (SADA) zone.

He said the project
was restructured in November 2015 due to some realities on the ground. 

Dr Assibey Yeboah also
stated that as part of the restructuring, the Project Development Objective
(PDO) was revised to improve agricultural productivity and production of both
smallholder and nucleus farms in selected project intervention areas with
increased access to reliable water, land, finance and agriculture input and
output markets.

He said the revised
objective gave the project a national and sector-wide scope as against the
initial restriction to only Accra Plains, SADA Zone and PPPs.

He said also included
in the restructuring was the cancellation of the implementation of the Accra
Plains Irrigation PPP component due to lack of interest from private investors.

He said the Committee
finds the project to be immensely important towards improving agriculture
production and productivity in the country and therefore recommended the House
to approve the facility.

GNA


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