President John Dramani Mahama has renewed calls for agricultural financing in Ghana to be offered at single-digit interest rates, stressing that affordable credit is vital for increasing food production and shielding farmers from unsustainable debt.
Addressing the 41st National Farmers’ Day celebration in Ho on Friday, December 5, President Mahama described high-interest loans as one of the greatest hurdles confronting farmers, many of whom end up “working for the banks instead of working for themselves.”
He explained that farmers who borrow at exorbitant rates often see their profits swallowed by loan repayments, leaving them unable to expand their farms, invest in modern equipment, or secure stable incomes for their households.
“We must provide credit at single-digit rates so our farmers can grow to feed Ghana,” he stressed.
“Farmers should not be taking loans only to end up using all their profits to repay the banks.”
President Mahama noted that better access to affordable financing would boost productivity, strengthen food security, and attract more young people into the agricultural sector.
He reaffirmed his administration’s commitment to supporting farmers through measures aimed at reducing production costs, expanding irrigation and mechanisation, improving market access, and modernising the agricultural value chain.
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