President Mahama Promises Single-Digit Interest Rates to Alleviate Farmers' Credit Burden

• President John Dramani Mahama has pledged to reduce interest rates on agricultural loans to single digits, aiming to ease the financial burden on farmers
• He described the current high-interest rates as a major obstacle that forces farmers to work for the banks instead of themselves
• During the 41st National Farmers' Day Celebration, President Mahama emphasised the importance of accessible credit for transforming agriculture

President John Dramani Mahama has stated that his administration will take measures to reduce interest rates on agricultural loans to single digits.

According to him, the current lending conditions make it impossible for Ghanaian farmers to profit from their labour.

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He also described high-interest loans as one of the most crippling obstacles facing farmers nationwide.

Due to the high interest rates, President Mahama said many farmers in Ghana are virtually working for the commercial banks, not for themselves.

“The capital and credit facilities available to our farmers are at such high-interest rates that when a farmer is able to access them, they end up working for the bank and not for themselves,” the President said.

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President Mahama made these comments during his address at the 41st National Farmers' Day Celebration in Ho, Volta Region.

He also stated that accessible credit is crucial for transforming agriculture into a self-sustaining driver of national development.

“One of our prime objectives is to get credit to our farmers at the best possible rate. We will be working towards a single-digit interest rate,” he was reported to have said in a Citinewsroom report.

“I agree that credit for agriculture must be at a single-digit interest rate. So, this government is going to work to bring that interest rate below 10% so that farmers can have access to cheaper credit and produce more for us to feed ourselves,” he added.

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National Farmers' Day Celebration

The National Farmers' Day Celebration is a significant annual event and public holiday in Ghana, held on the first Friday of December to honour the vital contributions of farmers and fishers to the nation's economy and food security.

The 2025 celebration brought together farmers, policymakers, and agricultural stakeholders to honour outstanding farmers and discuss strategies to strengthen Ghana’s food systems.

Some of the dignitaries present at the event included the Minister for Food and Agriculture, Eric Opoku, his Deputy, John Dumelo, and the Minister for Fisheries and Aquaculture, Emelia Arthur.

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Other quests present at the National Farmers' Day Celebration are the Board Chairman of Cocobod, Dr. Samuel Ofosu Ampofo, the Minister for Foreign Affairs, Samuel Okudzeto Ablakwa, and the Minister for Roads, Kwame Governs Agbodza.

Cabinet approves GH¢100m to purchase surplus food

Meanwhile, YEN.com.gh reported earlier that the Cabinet under President John Mahama had approved GH¢100 million to buy surplus food from farmers across Ghana.

NAFCO would use the funds to procure rice, maize, and gari to boost emergency food reserves and cut post-harvest losses.

The Ministry of Food and Agriculture also sought an additional GH¢100 million to expand the market access initiative for farmers.

Proofreading by Samuel Gitonga, copy editor at YEN.com.gh.

Source: YEN.com.gh