Farmers’ Day: Mahama says high-interest loans are crippling agriculture
President John Dramani Mahama has renewed his call for single-digit interest rates on agricultural loans, insisting that affordable credit remains crucial for boosting food production and easing the financial burden on Ghanaian farmers.
Addressing the 41st National Farmers’ Day celebration in Ho on Friday, December 5, the President said many farmers are trapped in high-interest loans that leave them “working for the banks instead of working for themselves.”
He noted that farmers who borrow at steep rates often lose most of their earnings to loan repayments, limiting their ability to expand their farms, adopt modern technology, or secure stable livelihoods.
“We must provide credit at single-digit rates so our farmers can grow to feed Ghana,” he said. “Farmers should not be taking loans only to end up using all their profits to repay the banks.”
President Mahama emphasised that accessible and affordable financing would not only improve agricultural productivity but also strengthen national food security and attract more young people into the sector.
He reaffirmed his administration’s commitment to reducing production costs, expanding mechanisation and irrigation, improving market access, and modernising the entire agricultural value chain to support farmers nationwide.
