ADB gives 354.5 million-cedis as loan to farmers

Yendi (N/R), Aug. 7, GNA- The Agricultural Development Bank (ADB) has granted a 354.5 million-cedis loan to 41 groups, made up of foodstuff sellers and farmers in the Yendi District.

The loan, which attracts a 32 per cent interest, has a repayment period of six months for the foodstuff operators and one year in respect of the farmers.

Mr Alidu Ibrahim, Northern Regional ADB Credit Officer said this when he paid the loans to beneficiaries at Yendi on Wednesday. He said the facility was a pilot project that the ADB was implementing in the district and said if it proved successful, the initiative would be extended to other districts in the region.

He noted that lack of cooperation among members and lack of proper bookkeeping were some of the problems facing the groups in repayment of the loans and asked the beneficiaries to work with their administrators for refund.

Mr Mohammed Azonko, District Coordinating Director, said the government recognized the private sector as the engine of growth of the country's economy and would do everything to empower it. He urged the beneficiary groups to honour their obligations to repay their loans.

Mr Iddrisu Dason, District Office of the Department of Cooperatives, said the beneficiary groups would be monitored to ensure that the loans were wisely utilised.