ADB sets up Asset Finance Unit to support farmers

Accra, July 28, GNA - Alhaji Ibrahim Adam, Board Chairman of Agricultural Development Bank (ADB), has said management of the bank had established an Asset Finance Unit to offer farmers financial support to enhance their operational capacity.

He these opportunities are available to all scale of operators in the agriculture sector to enable them acquire critical equipment such as combine harvesters, tractors, power tillers, out-board motors and cold storage equipment to mechanise and modernise their work.


Alhaji Adam said this at the launch of the 26th National Farmers Day (NFD) celebration under the theme: "Grow More Food" in Accra.


He said management of ADB had demonstrated its commitment to farmers in the past by doubling its investment in the agricultural sector, establishing more branches and providing special retail services targeted at farmers and fishermen.


Alhaji Adam said management has developed a lending and recovery framework to support and partner government in the Youth in Agriculture Programmme, Buffer Stock Company Limited and Government Fertilizer Subsidy in an effort to make them financially and institutionally sustainable.

He appealed to all corporate bodies and individuals to collaborate with the management of ADB to make this year's Farmers' Day celebration a great success.


Mr Kwesi Ahwoi, the Minister of Food and Agriculture, said the sector needed at least a bank to finance agricultural production since the sector contributed 6.1 per cent to Gross Domestic Product (GDP) in 2009.


He said the high interest rate, low productivity and low market were factors affecting the agricultural sector and appealed to all and sundry to assist farmers to help boost production and inspire the youth to get into farming.


Nii Amasah Namoale, a Deputy Minister of Food and Agriculture, said the government's budgetary allocation for the NFD activities over the years had declined and there was the need for the private sector and public spirited individuals to show goodwill by donating towards the celebration.