President John Dramani Mahama is renewing his call for single-digit interest rates for agricultural financing, insisting that affordable credit remains central to strengthening Ghana’s food systems and easing the financial burden on farmers.
Addressing the 41st National Farmers’ Day Celebration in Ho on Friday, December 5, the President said high borrowing costs continue to undermine farm productivity and trap many farmers in unsustainable debt.
He noted that current interest rates leave farmers “working for the banks instead of working for themselves,” with many losing a significant portion of their earnings to loan repayments.
“We must provide credit at single-digit rates so our farmers can grow to feed Ghana,” President Mahama said, adding that no farmer should take a loan only to surrender their profits to servicing bank debt.
He explained that accessible and affordable financing would help farmers invest in improved tools, expand their operations, stabilise their incomes, and attract more young people into the agricultural sector.
The President reaffirmed his administration’s commitment to policies that lower production costs, expand irrigation, strengthen mechanisation, improve market access, and modernise the value chain.
