The Head of Agribusiness at Stanbic Bank Ghana, Mr. Samuel Okang-Boye, has issued a clarion call to financial institutions in Ghana to rethink and expand their approach to agricultural financing. He urged the sector to move beyond conventional funding models and adopt forward-looking strategies that prioritize sustainability, resilience, and innovation to ensure long-term food security for the country.
Speaking in an interview during the recent Graphic Business/Stanbic Bank Breakfast Meeting, Mr. Okang-Boye emphasized the critical role financial institutions must play in transforming Ghana’s food systems. The event was held under the theme “The Future of Food: The Critical Place of Sustainable Practices,” and brought together key stakeholders from across government, private sector, and development organizations.
“In the face of climate change, land degradation, and rising input costs, it’s clear that our traditional approaches to financing agriculture are no longer adequate. At Stanbic, we are excited about the ideas and solutions being proposed around sustainable agriculture. We are not just listening, we are actively embracing and operationalizing them. It’s no longer enough for financial institutions to focus solely on returns from agricultural lending. We must support innovation and sustainability in the sector,” Mr. Okang-Boye stated.
He highlighted the bank’s own efforts in this direction, pointing to Stanbic Bank’s strategic investments in targeted financing solutions designed to accelerate the modernization of agribusinesses. These include support for the acquisition of mechanized farming equipment, adoption of solar and other renewable energy technologies, greenhouse infrastructure, and efficient irrigation systems – all of which help boost productivity while reducing environmental impact.
Mr. Okang-Boye also stressed the importance of broader collaboration within the financial ecosystem. According to him, a collective approach involving banks, insurance companies, and development partners is essential to achieving scale and impact. “If we can approach this collectively, as banks, insurers, and development partners, the outcome will be far greater. Take crop insurance, for example. It’s time we develop and scale such products to reduce the risks farmers face and encourage more investment in modern practices,” he said.
He further called for a shift in the role financial institutions play, urging them to see themselves not merely as financiers, but as catalysts and enablers of agricultural transformation. “Agriculture is the backbone of our economy. To build a resilient and self-sufficient food system, we need financial partners who understand the sector deeply, who are willing to take bold, long-term positions, and who are committed to supporting sustainability at every level,” he added.
The Graphic Business/Stanbic Bank Breakfast Meeting, which has become a fixture on Ghana’s thought leadership calendar, continues to provide a vital platform for addressing the country’s socio-economic challenges. Through such engagements, business leaders, policymakers, researchers, and development practitioners are able to share insights, build partnerships, and craft actionable solutions to drive inclusive and sustainable growth.
SOURCE: DAILYAGRICNEWS
