IFC Expands Credit Access for Ghana’s Cocoa Growers

The IFC, alongside the Global Agriculture and Food Security Program, is deploying a $50 million risk-sharing facility with Absa Bank Ghana. This arrangement enables the bank to extend up to $200 million in financing to Licensed Buying Companies. By securing these credit lines, the initiative ensures that roughly 800,000 registered cocoa farmers have a reliable market for their crops throughout the season. Beyond immediate liquidity, the program mandates that these purchases align with sustainability standards, linking market access to long-term climate resilience.

Simultaneously, the IFC is targeting the upstream needs of smallholders through a $2.4 million convertible loan to Complete Farmer. This digital platform acts as a nexus, connecting farmers with input suppliers, financial institutions, and buyers. The funding, bolstered by $660,000 in advisory grants, is designed to scale the company’s ability to provide farm inputs and agronomy services. According to CEO Desmond Koney, the move addresses the persistent inability of high-potential farmers to secure traditional credit, allowing them to leverage data and technology to improve commercial viability. The combined efforts of these partnerships are expected to reach 240,000 farmers by 2030, reinforcing the agricultural value chain against systemic shocks.