Business News of 2014-04-30

adb is not farmer-friendly Traditional Ruler

Naa Robert Loggah, a traditional ruler, has accused the agricultural development bank (adb), of not being responsive to the needs of farmers.
He said the bank which was established to help farmers to develop agriculture in the country, is now more interested in the farmers money, rather than meeting their credit needs.
Naa Loggah who made the accusation during a regional sensitization workshop organized by the Ghana Investments Promotion Centre (GIPC) in Wa, said the attitude of the bank is detrimental not only to the productivity of farmers, but to the overall development of Agriculture in the country.
He, therefore, urged government to impress upon the bank to re-define its mandate and responsibility towards farmers, in order to make the agricultural sector appealing and attractive to the youth.
Mr. Bede Ziedeng, Upper West Regional Minister, however, disagreed with the opinion of the traditional ruler, and said the attitude of farmers in the country at a point, almost collapsed adb, but for the timely intervention of the government.
He explained that as part of efforts by government to keep adb alive, a decision was taken to commercialize part of its operations so that the bank would remain in business.
He urged other banks to establish portfolios that would support farming in the country, and make the agricultural sector grow, to boost the nation’s economy.
Mr. Saeed S. Billa, an Assistant Director at the Nadowli District Assembly, also complained about high interest rates charged by the banks as a factor affecting farming in the country.
He appealed to government to get banks in the country to review downward their high interest rates, to motivate farmers to access credit to service their farms.
The purpose of the sensitization workshop was to provide highlights on the implementation of the new GIPC Act 2013, and to also encourage Ghanaian businesses within the region to register with the centre and take advantage of the incentives provided in the investment Act.
Source: GNA
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