By Richard Dankwa
President of the Ghana Agricultural Chamber Of Commerce, Mr. Phillip Abayori has called for a re-introduction of the system where governments directly engaged banks to invest more into the agricultural sector.
According to Mr. Abayori, this system was introduced in 1985 during the term of the late president, General Kutu Acheampong which was implemented to ensure that all the banks in the country gave much of their support to the farmers through government directives.
Mr. Abayori who was speaking to Rite news noted that the Agricultural Development Bank, ADB was one of the banks which were directed by the government in those days to support farmers. He was however disappointed that the system was not working again because government no longer wields the upper hand over the ADB.
According to him, government most often pushed money or invested more money into the activities of the ADB in order to support farmers financially but this is no longer the case. This is due to the fact that private entities are now buying more shares in the bank.
He has therefore advocated for the implementation of policies which will ensure that banks in the country place themselves in a position to give more financial support as credit cost to the farmers.
Source: ritefmonline.org
