President Mahama Renews Call for Single-Digit Interest Rates on Credit to Boost Agricultural Growth
President John Dramani Mahama has renewed his call for single-digit interest rates on agricultural financing, insisting that affordable credit remains critical to raising productivity and strengthening Ghana’s food security.
Addressing the 41st National Farmers’ Day Celebration in Ho on Friday, December 5, President Mahama warned that high lending rates continue to trap many farmers in unmanageable debt, limiting their capacity to invest and expand.
According to him, the prevailing credit conditions mean many farmers “work for the banks instead of working for themselves,” as loan repayments consume a significant portion of their earnings.
“We must provide credit at single-digit rates so our farmers can grow to feed Ghana,” he stated, adding that producers should not be compelled to channel their profits into repaying expensive loans.
President Mahama noted that affordable financing is essential for scaling up mechanisation, enhancing irrigation, improving market access, and modernising the agricultural value chain. He added that easing the cost of credit would also encourage youth participation in the sector and reduce the financial risks confronting smallholder farmers.
He reaffirmed his administration’s commitment to implementing policies that lower production costs, strengthen resilience, and drive sustainable growth across the agricultural ecosystem.
