President John Dramani Mahama has reiterated his call for the introduction of single-digit interest rates on agricultural financing, emphasizing that affordable credit is crucial for strengthening Ghana’s food systems and alleviating the financial challenges faced by farmers.
Speaking at the 41st National Farmers’ Day celebration in Ho on Friday, December 5, President Mahama stated that the high cost of borrowing continues to hinder farm productivity and leaves many farmers struggling under unsustainable debt.
He pointed out that the prevailing interest rates are causing farmers to “work for the banks instead of working for themselves,” with a significant portion of their earnings being directed towards repaying loans.
“We must provide credit at single-digit rates so our farmers can grow to feed Ghana,” President Mahama said. “No farmer should take a loan only to surrender their profits to servicing bank debt.”
The President emphasized that accessible and affordable financing would enable farmers to invest in modern tools, expand their operations, stabilize their incomes, and attract more youth into the agricultural sector.
He further reaffirmed his administration’s commitment to policies aimed at reducing production costs, expanding irrigation, strengthening mechanisation, improving market access, and modernizing the agricultural value chain.
Source: MyNewsGh.com
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