CalBank PLC, a leading Ghanaian bank known for its innovative and customer-focused approach, has entered a strategic partnership with Ghana Incentive-Based Risk Sharing Agricultural Lending (GIRSAL), a non-bank financial institution specializing in agric financing. This collaboration is aimed at enhancing CalBank’s Agribusiness portfolio and contributing to the growth of Ghana’s agric and agribusiness sectors.

GIRSAL’s primary objective is to de-risk agric financing by issuing agricultural credit guarantee instruments, thereby increasing the total amount of credit available to Ghana’s agricultural industry. Through a comprehensive 4-pillar approach, GIRSAL effectively mitigates the unique risks associated with agricultural financing, addressing both supply-side and demand-side agricultural finance.

Recognizing the immense potential in the agriculture sector, CalBank has set a target of allocating approximately 15% of its total credit portfolio to Agribusiness within the next two years. To achieve this goal, CalBank has sought the expertise and support of GIRSAL. Under the agreement, GIRSAL will provide resource persons to assist the CalBank team in building its capacity in Agribusiness and its related value chain. This collaboration will enable CalBank to enhance its strategy for increased lending to the agriculture sector.

During the meeting, Mr. Kwesi Korboe, CEO of GIRSAL, expressed his team’s delight regarding CalBank’s decision to join the partnership. He commended CalBank’s leadership and willingness to venture into the agricultural sector, highlighting the significance of their collaboration in de-risking agric financing and promoting the growth of Ghana’s agricultural and agribusiness sectors.

Mr. Carl Selasi Asem, Deputy Managing Director of CalBank, expressed his gratitude to GIRSAL for opening its doors to the Bank. He emphasized the importance of this partnership in supporting the transformation of Ghana’s economy, which has become heavily reliant on the service sector. Mr. Asem highlighted CalBank’s commitment to leveraging GIRSAL’s expertise and building the necessary capacity to drive the targeted sector.

Also present at the meeting were Mr. Joejo Wodow-Hammond (Group Head, Operations, CalBank), Cynthia Anima Mintah (Head, Corporate & Institutional Banking, CalBank), Dzifa Nyansafo (Head Credit, CalBank), Kwasi Duah (Knowledge Management Specialist, GIRSAL), Takyi Sraha (Chief Operating Officer, GIRSAL), and Ernest Tagbotor (Chief Risk Analyst, GIRSAL).

Source: CalBank