Farmers call for 2% loan rate to boost production

As the nation marks the 2025 Farmers Day, the Concerned Farmers Association of Ghana is calling for a major shift in the way agricultural financing is handled.

The association’s president, Nana Oboadie Boateng Bonsu, says farmers need access to affordable credit if they are to expand production and meet rising national demand.

Speaking in an interview, he explained that current interest rates of between 22 and 33 percent make it nearly impossible for farmers to operate efficiently.

He believes the situation is slowing progress at a time when the country is pushing to increase local food production.

According to him, a lower rate could help farmers deliver on national programmes aimed at improving food security.

Nana Oboadie is urging the government to introduce a 2 %  interest rate for registered and recognised farmers, describing it as the kind of support that would allow them to grow their businesses and contribute more to the economy.

He said such a measure would strengthen the “Feed Ghana, Eat Ghana” initiative and increase the availability of quality local produce.

He also highlighted the superior quality of Ghanaian food crops compared with imports. Using tomatoes as an example, he noted that locally grown varieties offer better taste and freshness.

However, he expressed concern about the declining presence of onions and shallots from the Volta Region, saying their scarcity in markets is worrying.

Speaking to the media, Nana Oboadie added that many consumers have developed a preference for onions imported from Niger, a trend he believes undermines local farmers.

“Our tomatoes are among the best,” he said, calling on Ghanaians to choose locally grown food to support the sector.