President John Dramani Mahama has renewed his call for single-digit interest rates on agricultural financing, stressing that affordable credit is vital to raising productivity and strengthening Ghana’s food security.
Speaking at the 41st National Farmers’ Day celebration in Ho, Volta Region, he warned that high lending rates continue to trap farmers in debt, limiting their ability to invest and expand.
“We must provide credit at single-digit rates as low as below 10% so our farmers can grow to feed Ghana,” he said, adding that many producers “work for the banks instead of working for themselves” as loan repayments consume most of their earnings.
President Mahama noted that cheaper financing would support mechanisation, irrigation, market access, and modernisation of the agricultural value chain. He added that lowering the cost of credit would also attract more youth into farming and reduce risks for smallholder farmers.
He reaffirmed his administration’s commitment to policies that cut production costs, strengthen resilience, and drive sustainable growth across the agricultural sector.
