Farmers are calling for a drastic reduction in interest rates on agricultural loans to 2% in order to strengthen local production and improve food security.
At the 41st National Farmers’ Day celebration, President of the Concerned Farmers Association of Ghana (CFAG), Nana Oboadie Boateng Bonsu, urged government to introduce a 2% lending rate for registered and recognised farmers.
He argued that the current credit environment—where rates range between 22% and 33%—is crippling farmers’ ability to operate efficiently, expand production, and contribute fully to national food security.
“We want a single-digit interest rate, which is 2%, to support farming activities. Interest rates are almost 33%, 22%, and 28%,” he said, warning that the high cost of borrowing is eroding profitability across the value chain.
Nana Oboadie maintained that a 2% credit regime would significantly enhance the implementation of the “Feed Ghana, Eat Ghana” initiative, strengthen rural livelihoods, and improve the competitiveness of local produce.
