The International Fund for Agricultural Development-IFAD said thousands of households in Ghana would benefit from projects aimed at building small scale businesses and enhancing agricultural activity.
IFAD said in a statement that a US$31.5 million loan, under the 'Rural Enterprise Project', would provide Ghana's rural poor with quality and easily accessible services such as affordable credit and cost-effective technology to improve productivity.
The loan will finance the third phase of the project, which will focus on rural women and youth in all rural areas of Ghana. According to IFAD, "Ghana was the first country to have almost half of the proportion of the people in extreme poverty. However, despite the overall decline in the rate of poverty in the country, the poverty affliction still lies in the rural areas, especially in the Northen Region of Ghana.
IFAD also stated that it had invested a total of over US$677 million, since 1980, to help reduce rural poverty in Ghana, benefitting nearly 1.8 million households.