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AGRA advocates fund to support women in agribusiness.
Alliance for Green Revolution in Africa (AGRA), has called on African governments to create a fund to support women small and medium-scale enterprises (SMEs) in agribusiness to thrive in this period of CoVID-19.
According to AGRA, the creation of a fund by the respective African governments had become necessary to protect the businesses of women SMEs on the continent from collapse.
AGRA in a statement titled, ‘COVID-19 and Women in Agriculture Call to Action’, copied to the Ghanaian Times said, “Women agribusinesses are on the verge of collapse due to crippling cash flow and liquidity challenges, resulting from disruption in their operations as a result of the COVID-19 pandemic.”
“AGRA, in consultation with continental partners and women agriprenuers networks, calls on governments in Africa, the development community, and the private sector, to urgently deploy resources to assist women access resources necessary to conduct agricultural activities, cushions their small businesses to avoid collapse,” the statement added.
AGRA indicated that women constituted nearly 50 per cent of agricultural workforce and own one third of SMEs on the continent, and were a key pillar of Africa’s food systems.
“The inability of women to freely access resources required to conduct primary production activities, find flexible financing to keep their SMEs afloat or earn wage income in rural markets will hinder food security and wellbeing of rural families,” the statement said.
Small women businesses were going through challenges such as loss of sales revenue, cancellations of supply contracts, spread of virus among workers, the statement said, pointing out that, “Women SMEs are particularly vulnerable to these shocks due to their low level of capitalisation resulting from limited access to long term financing.”
The statement stressed that with low saving capabilities, women small holders lacked capital reserves to stockpile agricultural inputs, such as seeds, fertilisers and pesticides.
“It is therefore crucial to assist women access inputs, farm labour, mechanisation and advisory services to help them weather the immediate effects of this crisis.”
Established in 2006, the Alliance for a Green Revolution in Africa (AGRA) is an African-led and Africa-based institution that puts smallholder farmers at the centre of the continent’s growing economy by transforming agriculture from a solitary struggle to survive into farming as a business that thrives.
BY KINGSLEY ASARE
News
Ghana achieves 98% participation in Eurobond debt restructuring
The Ministry of Finance has announced the successful completion of its Eurobond debt exchange and consent solicitation process.
The initiative, which aims to restructure Ghana’s Eurobond debt, has received overwhelming support from bondholders, marking a significant milestone in the country’s economic recovery efforts.
Launched on September 5, 2024, the offer invited eligible holders of Ghana’s Eurobonds to exchange their existing bonds for new ones under two menu options—Par and Disco.
As of the final expiration deadline on September 30, 2024, 98.6% of bondholders, representing the recognized principal amount of the existing bonds, participated in the offer.
During the bondholder meetings on Thursday, October 3, holders of the 2013, 2014, and 2015 WB-Guaranteed Notes passed extraordinary resolutions with over 90% representation, enabling the restructuring process to proceed smoothly.
Meanwhile, for Aggregated CAC Notes, consents exceeded 98.7%, meeting the required thresholds for the exchange.
A majority of bondholders (91% of the principal amount) opted for the Disco menu of new notes, while 7.6% chose the Par menu, which remained under its cap of U.S. $1.6 billion, leaving a balance of U.S. $605 million available for future allocation.
Subject to the terms of the exchange, a total of U.S. $126 million in consent fees will be distributed to eligible bondholders who submitted their instructions by the early consent deadline.
The new bonds are expected to be issued on or around October 9, 2024, with full settlement to follow shortly thereafter.
The successful completion of this exchange is a critical step in Ghana’s broader debt restructuring efforts under its International Monetary Fund (IMF) programme, further strengthening the country’s path towards debt sustainability and normalizing relations with international capital markets.
The Government of Ghana expressed gratitude to bondholders for their participation and support, emphasizing that this successful outcome reflects a shared commitment to restoring the country’s economic stability.
In preparation for the issue date, all existing Eurobonds, including those for which no consent or exchange instructions were given, will be blocked from trading to ensure a smooth final settlement.
Source: Citinewsroom.com
News
Update on Nana Asante Bediatuo’s health
The Office of the President has responded to news making rounds regarding the health of Secretary to the President, Nana Asante Bediatuo.
According to the office in a statement, they wish to inform the public about the health status of Nana Bediatuo Asante, Secretary to the President.
They revealed that following the conclusion of the meeting of the 79th United Nations General Assembly (UNGA) in New York, in the United States of America, where he served as a key member of President Akufo-Addo’s delegation.
The statement added that Nana Bediatuo Asante stayed behind to conduct further government business.
They added that he then began to feel unwell, and was subsequently admitted to hospital.
According to the statement, he is currently in stable condition and responding well to treatment. The medical team added that, Nana Bediatuo Asante’s recovery is on track, and we remain hopeful for his swift return to full strength.
“We ask for continued prayers and support for him and his family during this difficult period. Further updates will be provided when necessary,” he concluded.
By Edem Mensah-Tsotorme
