Minister for Trade and Agribusiness, Elizabeth Ofosu-Adjare, has called on banks to provide affordable, long-term financing to support the growth of Ghana’s agribusiness sector.
Also Read
Speaking on The Point of View with Bernard Avle on Channel One TV, Ofosu-Adjare highlighted that high interest rates continue to hinder agribusiness development in Ghana, unlike other countries where financing is more accessible.
“Financing is critical for agribusiness. In Ghana, the cost of borrowing is still too high. We’ve engaged banks to reconsider their rates, especially for agriculture,” she said.
The Minister praised President John Dramani Mahama’s leadership for creating a more favourable business environment, especially regarding interest rates.
However, she stressed that financial institutions must go further by offering long-term credit facilities tailored to the unique timelines of agribusinesses.
“Agribusiness takes time to become profitable. Short-term loans just don’t work. Without patient capital, businesses can’t grow or compete,” she explained.
Her remarks come on the heels of the National Agribusiness Dialogue, launched on July 28, which brought together key stakeholders in agriculture, trade, and finance.
The goal of the event was to chart a path toward sustainable agricultural development and industrial transformation.
The Mahama-led government’s broader agenda includes modernising agriculture, improving rural livelihoods, and boosting Ghana’s competitiveness in agri-related exports.
