Skip to main content

Standard Bank receives Africa Investor Agribusiness award

Standard Bank has been named the winner of the Africa Investor Agribusiness Award for 2010 for its commitment to help develop a strong African economy.

Standard Bank won in the Development Finance Initiative category for its groundbreaking Agricultural Guarantee Fund Scheme that has improved access to finance to smallholder farmers in Africa.

The Agribusiness Awards recognize achievements across the main agribusiness and finance sectors in Africa and reward the personalities driving transactions and improving the continent’s agribusiness investment climate. The awards also emphasize the important need to invest in developing Africa’s agribusiness sector.

“The Agricultural Guarantee Fund Scheme demonstrates Standard Bank’s commitment to creating, with fellow stakeholders, workable solutions to the obstacles that hamper African development. We believe this award is an acknowledgement to that commitment” said Clive Tasker, Standard Bank Africa CEO in a press release.

“It is not very often that we can be part of initiatives that make a difference to the lives of people on many levels. We are fortunate here to see an impact that permeates across many spheres, from sustainability, economic development and growth, to job creation and poverty alleviation,” he added.

Standard Bank’s winning initiative, The Agricultural Guarantee Fund Scheme, is an innovative fund for Africa’s smallholder farmers and was created by a partnership between Standard Bank, the Alliance for a Green Revolution in Africa (AGRA), OPEC Fund for International Development, Kilimo Trust, Millennium Challenge Account Mozambique, Ministry of Agriculture Mozambique and The Millennium Development Authority.

Initiated in March 2009, the US$100 million scheme aims to reach about 750,000 small farmers and small and medium-sized enterprises in Ghana, Mozambique, Tanzania and Uganda over three years. Under the scheme, the partners provide a Risk guarantee while Standard Bank provides the funding for lending. This partnership is the single largest facility targeting smallholder agriculture by a bank.
The aim of the scheme is to open up access to finance for the agricultural sector in Africa as this has been a major constraint to unlocking the potential of agriculture on the continent.

Comments

Popular posts from this blog

Fitch Solutions retains 2025 growth rate projection at 4.2%

 Fitch Solutions has reaffirmed its projection that Ghana’s economy will expand by 4.2% in 2025. This estimate slightly exceeds the International Monetary Fund’s forecast of 4% and the World Bank’s projection of 3.9%. The UK-based research firm attributes its outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs. Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability. The report also highlights that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration. Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particul...

BoG injects $20m into FX market to support 11 BDCs

  The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs). The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector. Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55. This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets. By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices. The $20 million disbursement forms part of a $120 million programme for th...

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

  As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...