Business News of 2013-12-11

Stanbic bank pledges support for agric dev’t

Stanbic Bank Ghana has announced plans to support the development and modernization of the country’s poultry and horticultural sectors.

Speaking at the recent 2013 National Farmers’ Day at Sogakope in the Volta region, the Head of Agric Section at Stanbic Bank, Joseph Douglas Turkson told the media that plans were underway to develop the right structures.

“The bank’s total loan to the agriculture sector for the past two years outside cocoa is over GH¢100 million. The scope of our lending covers the entire value chain; input distribution, production, processing, warehousing, final distribution and our support for horticulture and poultry production will soon see tremendous improvement.

Turkson’s remarks were in response to an appeal by the 3rd National Best Farmer, Edward Maxwell Aninkorah of Aninkorah Farms Limited, to financial institutions to support farmers with special loan facilities that attract lower interest rates.

Edward Aninkorah made the appeal after Stanbic Bank had presented him with a double-cabin pick-up valued at US$23,000 foe emerging as second runner-up at this year’s event.

“Offering loans to farmers at the same rate as contractors is a great disservice to the country’s agric sector. The banks must support us with loans at special rates that support the development of agriculture.

He thanked Stanbic Bank for their continuous support for farmers over the years and expressed hope that the support will continue to increase.

The Head of Personal and Business Banking at Stanbic Bank, Nana Dwemoh Benneh, gave assurance that the bank’s support would be extended to cover other areas of the sector.

“Stanbic is a member of the Ghana Grains Council and financed the first warehouse receipts by the council to the tune of over GH¢2.4 million. When the warehouse receipts system becomes fully operational, it would greatly boost the production of cereals because farmers would be assured of markets for their produce, and would have funds available to cultivate again during the next season.

Stanbic Bank has been supporting the National Farmers’ Day since 2007.