The Minister of Food and Agriculture Dr. Owusu Afriyie Akoto has expressed disappointment in commercial banks in the country for failing to lend to farmers to expand their farms even despite a meeting with President Akufo Addo.
He said the position of the banks is not helpful to the promotion of agriculture in the country.
The Minister, therefore, hinted at legislation to compel the banks to give at least 20% of their loan portfolios to farmers.
“We are making a whole lot of efforts to ensure that we bring in the commercial banks including the possibility of introducing legislation so that commercial farmers will have to lend a portion of their portfolio to farmers and those in the value change -the processers and the others and that is the only way. We wouldn’t be the first country to do that, India has been practicing that for 30 years so definitely you are going to hear something in Parliament about this initiative that we are about to take as a way of making sure the commercial banks play their role because the government is playing its role subsidizing inputs and all that they as a bank should be able to lend to agriculture but they are not so we have to find a way”.
He continued “In fact, we have a hard direct link with the Banking community that even the President of the Republic invited all the heads of the banks for lunch and in the presence of the government of Ghana and myself for me to make a strong case why the banks should be lending to Agriculture and there is about 6 to 7 months ago so we have to look at an alternative to ensure that credit is available to farmers and the Value chain in other to sustain the growth that we pursuing”
The Minister of Food and Agriculture DR. Owusu Afriyie Akoto said this Saturday, June 18, 2022, in an interview with the media after touring parts of the Eastern region to end the first leg of his annual regional tour to farms and processing facilities in the agricultural value chain
The Minister started the tour on Monday in Ahafo and then visited Bono, Bono East, Ashanti, and the Eastern region.
In the Eastern region, the minister visited Legacy Crop Improvement Centre (LCIC) at Otareso in the Akuapem North Municipality, PINORA/Sono fruit juice manufacturing company all in West Akim District, SAHMEN FARMS at Mepom in Asamankese district and ended at TQ Farms at Akim Krodua in the Upper West Akim District.
He also held a meeting with staff of the Ministry of Agriculture in the Eastern Region including District Directors and extension officers. Present at the meeting held at the Regional Coordinating Council were also various farmers’ associations.
The Minister commended the Eastern Regional Director of Agriculture for the hard work in improving agric in the region and the planting for food and jobs policy.
Source: Mybrytneesroom.com/Obed Ansah
