The International Finance Corporation (IFC), in partnership with the Business Investment Financing Track, is providing Complete Farmer with a $2.4 million convertible loan to expand its agricultural financing model.
The financing will support Complete Farmer’s efforts to finance agricultural inputs and agronomy services for farmers. IFC is also providing $660,000 in advisory and grant support to strengthen the company’s systems and capacity to expand farmer financing.
Complete Farmer connects farmers with buyers, financial institutions, input suppliers, and agricultural service providers. The company has developed technology and market infrastructure designed to improve how farmers access inputs, financing, services, and markets.
The $2.4 million convertible loan will help the company scale this infrastructure and increase the number of farmers receiving financing and production support.
“For us, this partnership is about making finance work better for farmers,” said Desmond Koney, CEO of Complete Farmer. “Too many farmers with the capacity to grow commercially still struggle to access the financing they need to do so. Over the years, we have focused on building the technology, data and market infrastructure that makes it possible to better understand farmers, support their production and connect what they grow to real demand. Our partnership with IFC allows us to build on that foundation and scale our input financing model, so that more farmers have the resources and support they need to grow sustainably and participate more meaningfully in agricultural markets.”
IFC expects the partnership with Complete Farmer to help expand support to 240,000 farmers by 2030, including by facilitating greater access to finance.
The transaction forms part of a broader set of IFC investments in Ghana’s agricultural sector announced on September 16. IFC is also partnering with Absa Bank Ghana to expand financing for cocoa Licensed Buying Companies.
Through the Absa partnership, IFC and the Private Sector Window of the Global Agriculture and Food Security Program are providing up to $50 million through an unfunded risk participation facility. The facility will enable Absa Bank Ghana to provide up to $200 million in financing to Licensed Buying Companies.
“Ghana’s agricultural sector can create more jobs and strengthen rural livelihoods when farmers and businesses have reliable access to finance, technology, and markets,” said Nathalie Kouassi Akon, IFC Division Director for West Africa Gulf of Guinea. “These partnerships address different gaps across the value chain, from financing cocoa purchases to helping farmers access inputs, services, finance, and buyers.”