Access Bank PLC in partnership with International Finance Corporation (IFC) has disbursed approximately GH₵1billion to support cocoa production and purchases as part of efforts to boost agricultural development and strengthen the country’s export sector.
Managing Director of the bank Pearl Nkrumah disclosed this when answering a question on the bank’s effort to support agribusiness at a press soirée in Kumasi.
She emphasised that agribusiness remains one of the bank’s key strategic priorities, particularly cocoa and other export-oriented crops – adding that Access Bank has supported cocoa purchases through Licenced Buying Companies (LBCs) for more than five years.
According to her, the initiative began with an annual allocation of GH₵100million but this has grown steadily over the years.
“Last year, we set aside about GH₵900million for cocoa. Because we wanted to do more, we partnered with the International Finance Corporation (IFC) and our cocoa budget grew to more than GH₵1billion,” she said.
Ms. Nkrumah further indicated that the bank’s support extends to players across the cocoa value chain and forms part of broader efforts to strengthen export trade and increase foreign exchange earnings.
Additionally, the bank is considering increased support for cashew, shea and other agricultural commodities with export potential.
She explained further that the bank, together with its partner the Mastercard Foundation, has been implementing financing programmes – Building Resilience and Investing in the Development and Growth of Entrepreneurs in Agriculture (BRIDGE) – for agribusiness players at a single-digit interest rate of about seven percent.
According to her, Access Bank is among the financial institutions which have disbursed the highest amount of funds under the programme – with about 40 percent of beneficiaries coming from Ashanti Region.
“We continue looking for partners that will support us to achieve agricultural development,” she said.
Ms. Nkrumah noted that the bank’s commercial units across the country have been directed to identify and support agribusiness operators within communities where it operates.
Ms. Nkrumah also mentioned that Access Bank has established an export desk that supports agribusiness operators, farmers and manufacturers to access international markets and expand global trade opportunities.
Support for GJA
As part of the event, the bank presented GH₵50,000 toward the Ghana Journalists Association (GJA) Press Centre project in Kumasi.
Presenting the money, Ms. Nkrumah highlighted the critical role that media in Kumasi continue to play in shaping public understanding. Therefore, supporting media remains one of the most effective ways corporate institutions can contribute to national development.
She stressed that empowering journalists and media institutions will help promote dissemination of credible, accurate and timely information to the public – further adding that media remain key partners to the bank in communicating its products, services and initiatives to the public.
Receiving the cheque on its behalf, the Ghana Journalists Association’s Ashanti Regional Chairman expressed appreciation to the bank for supporting the project.
“We are deeply grateful to Access Bank for this timely support toward the GJA Press Centre project in Kumasi. This contribution demonstrates the bank’s commitment to media development and the welfare of journalists. We believe such partnerships are essential in strengthening the media’s capacity to effectively play its role in national development,” he said.
Mr. Domfeh further assured the bank that its contribution will be remembered as part of efforts to strengthen journalism and media development in the region.
“I assure you that your name will be written in gold when the Centre becomes fully operational,” he added.
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