Cross-section of Parliamentarians<\/span><\/span><\/p>\n<\/div>\nParliament on Wednesday ratified a loan agreement of 19.6 million euros between the Government and the German Development Bank (Kreditanstalt Fur Wiederaubau; KfW), to support farmers involved in Phase III of the Outgrower and Value Chain (OVC) Fund.<\/p>\n
This follows the successes chalked in the first and second phases of the OVC project, according to a report of the Finance Committee of Parliament.<\/p>\n
The OVC III is aimed at deepening the gains of the two phases by improving the incomes of small-scale farmers, thereby contributing to reducing rural poverty.<\/p>\n
Dr Mark Assibey-Yeboah, the Chairman of the Finance Committee of Parliament, presenting the report, said: \u201cA total amount of 19.690 million euros is required to finance the Phase of the OVC. Once again, the KfW has agreed to finance this third phase.<\/p>\n
\u201cIt is this agreement that is currently before this House for approval.\u201d
\n According to the report, the KfW provided 10 million euros to finance the OVC in 2010; and in 2015 it also provided an amount of 23 million euros to support the second phase.<\/p>\n
The Fund, with a target of 6,421, has so far reached a total of 4,610 farmers, which covered 6,657 hectares.<\/p>\n
The commodities funded so far are rubber, oil palm, rice, pineapple, cassava, maize-soya-sorghum, cocoa, and maize-poultry.<\/p>\n
Dr Assibey-Yeboah stressed that the development of small-scale commercial farms required linkages to profitable markets and production management that ensured that the products satisfied market expectations and legal requirements, such as quality standards and certifications.<\/p>\n
The objectives of the project, as outlined in the report, include provision of improved access to medium to long term financing for small-scale farmers and technical operators such as processors, exporters, aggregators, and bulk buyers who, otherwise, would not have had access to such financing from mainstream banks.<\/p>\n
It is also meant for the development of out-grower schemes in Ghana; and for the integration of small-holder farmers into commercial agriculture development.<\/p>\n
Its terms of financing are project cost of 21.69 million euros; loan amount of 19.69 million euros; grant amount of two million euros; interest rate of 0.75 per cent per annum; repayment period of 30 years; and 10 years grace period at 40 years maturity.<\/p>\n
The facility attracts commitment fee of 0.25 per cent per annum and grant element of 61.77 per cent.<\/p>\n<\/div>\n
\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Business News of Friday, 5 April 2019 Source: ghananewsagency.org 2019-04-05 Cross-section of Parliamentarians Parliament on Wednesday ratified a loan agreement of 19.6 million euros between the Government and the German Development Bank (Kreditanstalt Fur Wiederaubau; KfW), to support farmers involved in Phase III of the Outgrower and Value Chain (OVC) Fund. This follows the successes […]<\/p>\n","protected":false},"author":1,"featured_media":598974,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-605226","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
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Cross-section of Parliamentarians<\/span><\/span><\/p>\n<\/div>\n