Home » MasterCard, MiDA Fund $6.1 Million Rice Revitalization in Ghana

MasterCard, MiDA Fund $6.1 Million Rice Revitalization in Ghana

Major Investment Aims to Transform Agricultural Landscape, Boost Economy

by Adenike Adeodun

In a landmark move to overhaul Ghana’s rice industry, the MasterCard Foundation and the Millennium Development Authority (MiDA) have inked a $6.1 million agreement. This collaboration, part of the Harnessing Agricultural Productivity and Prosperity for Youth (HAPPY) programme, aims to revolutionize rice production in Ghana.

The agreement, signed recently in Accra, kicks off a five-year project, extending its influence until May 31, 2028. The fund distribution is scheduled from December 1, this year, to November 31, 2027, focusing on enhancing the rice value chain.

The Kasunya Economic Enclave Project stands as the primary beneficiary of this initiative. This project, a crucial element of the Ghana CARES “Obaatan Pa” programme under the Ministry of Finance, seeks to operationalize 6,000 acres of land in the Kasunya region. It will concentrate on innovation, training, skill development, and providing implementation support.

Finance Minister Ofori-Atta, who was present at the signing ceremony, stressed the significance of this partnership. “This collaboration marks a major milestone in our efforts to increase agricultural productivity,” he stated. Also in attendance was MiDA Board Chairperson, Professor Yaa Ntiamoa-Baidu.

The $6.1 million grant from the MasterCard Foundation, coupled with MiDA’s expertise, is poised to play a crucial role in the successful execution of the project. The grant will function as initial working capital for those involved in the rice sector, aiming to elevate the rice value chain and stimulate economic growth, particularly in the Greater Accra Region.

The programme involves key partners, including the Ministry of Food and Agriculture (MoFA), the Ghana Irrigation Development Authority (GIDA), the National Entrepreneurship and Innovation Programme (NEIP), the 48 Engineers Regiment of the Ghana Armed Forces, and private sector anchor farmers.

According to a report by Daily Graphic, Minister Ofori-Atta highlighted that the intervention would focus on innovation, training, skill development, and strategic support in the rice value chain. “We aim to leverage this funding to provide working capital for primary production actors, leading to job creation and a 20 percent increase in national rice output,” he added.

Over the next four years, the programme is expected to generate remarkable results. It aims to create 38,269 jobs, with 70 percent earmarked for women. Additionally, it is projected to increase national rice output by 20 percent, cultivate 2,560 hectares of rice, and significantly reduce rice import costs, potentially saving over $45 million. This initiative underscores the commitment to catalyzing sustainable economic growth in Ghana.

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