AGRICULTURE continues to remain the mainstay of the Ghanaian economy because it is the sector that employs the largest percentage of our workforce. This same sector provides raw materials to feed many of our local industries.
ADDITIONALLY, Ghana earns foreign exchange by exporting agricultural products.
THIS clearly makes its one of the most important sectors of the Ghanaian economy.
SADLY, many of our farmers whose hard work contributes to the development of this country have not been well catered for.
BESIDES a national award scheme that rewards deserving farmers on a yearly basis and occasional subsidised farm inputs, there are basically not many incentives to encourage many of the farmers from continuing to give off their best.
THERE is even the bigger problem of seeking for financial assistance from the banks which situation sees the banks demanding for huge collaterals.
THE above, among other factors, has prevented many of our farmers from venturing into large-scale production.
THIS is where Today is highly excited at the news of the central government’s announcement of a yet-to-be-established GHC500 million facility with the objective of supporting the growth and development of agriculture.
PRESIDENT Nana Addo Dankwa Akufo-Addo made the announcement while speaking at the 2018 Africa Green Revolution Forum, a platform for global and African leaders to fashion out an actionable plan to enable the growth of African culture.
KNOWN as the Ghana Incentive-Based Risk Sharing Agricultural Lending Scheme, President Akufo-Addo disclosed that the scheme would be managed by the central bank—Bank of Ghana (BoG).
AND its aim, according to the President, would be to reduce risks of investments and promote agriculture financing.
IN fact, this facility represents a huge boost for the agricultural sector. Certainly, it will be a facility that farmers can tap into to enhance their operations.
WHILE commending the Akufo-Addo administration for having this vision to support Ghanaian farmers, we believe when the scheme becomes operational, measures would be put in place to ensure that the farmers benefit.
OFTEN, institutions/persons put in charge of some of these schemes tend to put various weird impediments of the beneficiaries.
IT is, therefore, our expectation this scheme will inure to the benefit of our hard working farmers.