President John Dramani Mahama has declared that his administration will implement vigorous actions to lower interest rates on agricultural credit to single digits, asserting that the existing lending conditions render it nearly impossible for farmers to gain from their efforts.
During the 41st National Farmers’ Day Celebration in Ho, he characterized high-interest loans as one of the most debilitating challenges confronting farmers across the country.
He noted that the pressure imposed on farmers by commercial lending rates results in many ultimately laboring “for the bank and not themselves,” obstructing national initiatives to enhance food security and broaden agricultural production.
“The capital and credit facilities accessible to our farmers come with such high-interest rates that when a farmer manages to obtain it, they end up working for the bank rather than for themselves,” the President remarked.
He stressed that affordable credit is crucial for transforming agriculture into a self-sustaining driver of national development.
“One of our primary goals is to provide credit to our farmers at the most favorable rates possible. We will strive for a single-digit interest rate,” he asserted.
“I concur that agricultural credit should be at a single-digit interest rate. Therefore, this government is committed to reducing that interest rate below 10% so that farmers can access more affordable credit to increase production and help us achieve food self-sufficiency,” he added.
This year’s celebration gathered farmers, policymakers, and agricultural stakeholders to recognize exceptional farmers and deliberate on strategies to fortify Ghana’s food systems.
