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Press Release: RAFiP

The Ministry of Finance and Economic Planning under the Rural and Agricultural Finance Programme (RAFiP) has procured a number of office equipment to support the operations of partnering Microfinance Institutions to enhance data collection and reporting of institutional activities.

The equipment for distribution include desktop computers with accessories, coloured and black & white printers, scanner machines, notebooks/laptops, projectors and projector screens, wireless dangle adapters, and power edge servers. These accessories form part of RAFIP’s mandate to build institutional capacity which will help strengthen Apex institutions, membership of the Rural Microfinance Institutions and ARB Apex Bank itself.

RAFiP, a USD41.87 million Government of Ghana funded programme, has funding from the following sources: IFAD (USD15.0m); Italian government grant (USD1.51m); Government of Ghana (USD3.41m); World Bank (USD7.14m); African Development Bank (USD4.94m); the beneficiary financial institutions (USD2.34m); and other beneficiaries (USD7.54m).

The overall goal of RAFiP is to improve the livelihoods of the rural population including smallholder farmers and rural micro entrepreneurs with a special focus on women and vulnerable groups. RAFiP also seeks to enhance access of the rural and agricultural population to sustainable financial services through enhanced outreach and financial linkages of rural retail institutions and formal financial institutions.

By strengthening institutional performance, outreach and client orientation in all segments of the rural financial system; integrating them more closely with each other and with the financial system as a whole; and linking them to support systems (particularly regarding technical aspects and risk management of agricultural value chains) RAFiP is expected to improve the rural banking network (RCBs, ARB Apex Bank, and rural microfinance institutions), which accounts for about two-thirds of the rural/micro clients and portfolio and for which the impact of project interventions can most readily be assessed; but this will be performance-based and demand-driven, rather than pre-determined.

RMFIs are targeted as the primary vehicle because of their demonstrated contribution to making the financial system more inclusive of the poor and their progress toward becoming self-sustaining so as to be able to continue providing services beyond the end of the Programme.

The Beneficiary institutions are; Ghana Association of Microfinance Companies (GAMC), Association of Financial NGOs (ASSFIN), Ghana Savings and Loans Companies (GHASALC),     Ghana Cooperative Susu Collectors Association (GCSCA), Ghana Cooperative Credit Union Association (GCCUA) and Ghana Microfinance Network (GHAMFIN). END

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