The Fund Advisory Committee (FAC) of the Liberia Agribusiness Commercialization Fund (LACF) at the Ministry of Agriculture (MOA), in collaboration with the World Bank (WB) and the International Fund for Agricultural Development (IFAD), has embarked on a four-day maiden field assessment mission on Lofa County.
The process, according to a MoA release which began on May 16,2023, is the first of the FAC since its establishment.
The aim is to evaluate the impact and outcomes of the Liberia Agribusiness Commercialization Fund (LACF) grants that have been disbursed by the MOA to vetted farmers and agribusinesses under the Smallholder Agriculture Transformation and Agribusiness Project (STAR-P) and the Rural Economic Transformation Project (RETRAP).
RETRAP and STAR-Project are being implemented by the Ministry of Agriculture with support from the World Bank and IFAD to increase agricultural productivity and the incomes of smallholder farmers and agribusiness owners in Liberia.
Under the project structures of STAR-P and RETRAP, FAC is established as the highest decision-making body for the operationalization of the LACF, and consists of representatives from various ministries, organizations, and committees, including the Ministry of Finance and Development Planning, Ministry of Agriculture, Ministry of Justice, Ministry of State for Presidential Affairs, and Commerce and Industry.
Others include the National Investment Commission, the Ministry of Commerce and Industry, Central Bank of Liberia, Deloitte (LACF Fund Manager), Liberia Business Association (LIBA), and the Liberia Bankers Association (LBA).
Recently, the Makona River Farm and Agricultural Services in Foya applied to the MOA for additional financing to support agricultural machinery procurement for the cultivation of over 3,000 hectares of lowland rice in Sorlumba Township, Foya, Lofa County.
Additionally, the working capital requirements of Makona River Farms and Agricultural Services, Agriculture and Infrastructure Investment Company (AIIC), Selma Agriculture and Development Corporations (SADC), and other strategic agribusinesses are being evaluated by the FAC for potential additional financing.
During its 7th and 8th sittings in April and May 2023, the FAC reached a consensus to visit the field to see first-hand, what impacts were being made by funds already approved and disbursed along the targeted value chains under the RETRAP and STAR-Project, and assess the feasibility of additional business ideas before approving additional financing.
Consequently, a high-level field visit is ongoing, beginning with Lofa County, to interact with LACF grant beneficiaries. The mission involves visits to key sites and grantees involved in rice and oil palm value chains and a piggery farm.
These sites include Makona River Farm and Agriculture Services in Sorlumba – Foya, AIIC in Foya, Jef’s Merchandise & Services Corporation, and Mayour River Women Initiative Inc. also in Foya. Other sites for visitation include Ndevofile Cooperative in Kolahun, SADC, Diompillor Farmers Association and Kessellie M. Bazzie Agriculture Cooperative in Voinjama.
The FAC team is also holding meetings with local county authorities and other value chain actors to gather critical knowledge and information. These engagements with farmers and grantees as well as other actors in the sector in Lofa County are expected to generate valuable insights and inspire learning, which will guide the FAC’s decision-making processes.
The Government of Liberia, through the Ministry of Agriculture, remains committed to promoting sustainable agribusiness development and rural transformation.
The LACF grants play a vital role in empowering farmers and agribusinesses, driving economic growth, and improving livelihoods in Liberia.
