ADB increases microfinance credit facility to cocoa and cassava farmers

Agona Swedru, (C/R) April. 21, GNA- The Agricultural Development Bank (ADB), has outlined measures to increase and expand its microfinance credit facility to cocoa and other cash crop farmers to expand their farms to increase production.

The bank has also extended a similar facility to small and medium scale entrepreneurs in the Agona West and East, Awutu-Senya, Effutu and Gomoa West Districts to improve their businesses in line with the government's poverty reduction strategy.

This was stated by Mr Dickson Addae, Swedru Area Manager of the Bank, who spoke to the Ghana News Agency (GNA) on Saturday at Agona Swedru in the Central Region.

He said the bank had increased the number of women groups engaged in garri processing and other income generating ventures in the area, adding that, credit facilities had been increased to promote their businesses.

Mr Addae noted that the bank being agricultural oriented, had targeted oil palm, citrus, Cassava and inland valley rice farmers in the four districts for assistance.

He stressed that young farmers aged between 18 and 35 had been grouped and extension officers from the Ministry of Food and Agriculture (MOFA) tasked to train them in modern farming methods. The Manager said Automatic Teller Machines (ATMs) would soon be installed at the Agona Swedru Branch to enable customers to have access to their account throughout the day and to reduce time wasting. He said the Winneba Agency of the bank would soon be upgraded to a branch to enable it to serve its numerous customers, especially University students.

The government had also chosen the Bank as one of the main organizations for the disbursement of the Millennium Challenge Account (MDA), which would take of in June this year.