Project performance assessment

The most important results of the Rural Financial Services Project in Ghana were of institutional nature. The project helped strengthen the regulatory and oversight bodies (Bank of Ghana, Ministry of Finance and Economic Planning) as well as the capacity of apex bodies for rural banks and credit unions. It also contributed to the professionalization of rural banks. At the micro level, however, access to lending products did not increase according to expectations, particularly for small-scale farmers.

Key recommendations of this project performance assessment pertain to the introduction of innovative approaches and products that can help deepen the outreach of lending to poorer clients and small farmers, such as matching grants and guarantee schemes. Innovative products need to be introduced in a more systematic manner, with pre-feasibility studies and pilot tests to ensure better adaptation to the context and risk management. Also, synergies need to be strengthened with other IFAD-financed projects supporting rural development in Ghana.