Grenada is one of the world´s major producers and exporters of nutmeg and mace. The nutmeg industry has made significant contribution to the economic development, employment creation and foreign exchange earnings. However, the hurricanes Ivan and Emily in 2004 and 2005 have devastated the nutmeg sector and led to a dramatic decline of nutmeg production and exports. To revive the nutmeg industry, a sector strategy has been developed with the participation of main stakeholders of nutmeg value chain. Improving access to finance for all stakeholders is listed as one of the strategy objectives.
In the framework of the EU-funded All ACP Agricultural Commodities Progarmme (AAACP), UNCTAD is responsible for the implementation of the project on improving nutmeg value chain finance in Grenada. As the first step of the project, a study was commissioned by UNCTAD. The study analyzed the nutmeg value chain, identified gaps and bottlenecks for finance, especially those related to access to credit for smallholders, and provide recommendations on the strategic activities aiming to improve nutmeg value chain finance and establish necessary capacities for the sector´s development.
The workshop, organized in partnership with the Ministry of Agriculture, constitutes the second step of this project. The objectives of the workshop are to examine and validate the key conclusions and recommendations of the study and identify follow-up activities.
The workshop is bringing together representatives from the Government of Grenada, main actors in the nutmeg sector, financial institutions, experts and other partners interested in nutmeg finance.