The Minister of Food and Agriculture, Dr. Owusu Afriyie Akoto has lamented the inadequate support given to farmers by commercial banks in the country.
Speaking to the media while touring the Eastern Region on Saturday, June 18, 2022, the Minister said the government as part of its commitment to boost the agriculture sector is doing its bid by continuously subsidising inputs and fertiliser.
To compel banks in the country to make more investments in agriculture, Dr. Owusu Afriyie Akoto disclosed that a legislation would be introduced soon.
“We are making a whole lot of efforts to ensure that we bring in the commercial banks including possibility of introducing legislations so that commercial banks would have to lend a portion of their portfolio to farmers and those in the value chain, the processers, and others. We wouldn’t be the first country in the world to do that, India has been practicing that for 30 years.
“So definitely you are going to hear something in Parliament about this issue, as a way of making sure the commercial banks plays their role because government is playing its role by subsiding inputs and fertilizer, the banks should be able to lend to agriculture,” the Minister in charge of Food and Agriculture told journalists.
While on his tour, Dr. Owusu Afriyie Akoto rubbished claims that there is a food shortage in the country as well as the allegations that Ghana will experience famine next year if nothing changes.
According to the Minister, there is food in stock and more coming with farmers set to make bumper harvest in the coming months.
He noted that the high cost of food in the country is due to factors beyond the control of farmers including the high cost of fuel which comes into play when transporting food from the produce area to the marketplace.
Source: Modern Ghana