Farmers to buy government's share in ADB

Accra, July 23, GNA- The National Farmers and Fishermen Award Winners Association of Ghana (NFFAWAG) on Monday appealed to government to offer its 48 per cent shares in the Agricultural Development Bank first to farmers and fishermen if it decided to offload its shares. According to Mr Philip Abayori, President, NFFAWAG, members "believed that if the farmers and fishers of Ghana own the said shares, ADB will remain a development Bank to support the cause of farmers in Ghana".

"ADB has consistently supported farmers despite the numerous problems confronting us," he said, adding, "We believe one of the main reasons that motivate the ADB to continue to lend to farmers is because of Government share holding and interest in the Bank".

Mr Abayori said in the last two months there had been media speculation across the country that the "Only Agricultural Development Bank' was going to be sold out to a foreign interest.

"If this is anything to go by, we the farmers and fishers wish to make a humble appeal to the Government not to offload its shares to any foreign interest.

"If the only Agricultural Development Bank is diversified to a foreign interest then the farmers of Ghana are doomed forever". Mr. Abayori said a lot of people would wonder how poor farmers would be able to buy the shares, "But it will interest you to know that we the farmers collectively advanced a plan to contribute to purchase the shares of the bank.

"Over 90 per cent of Ghanaian farmers are prepared to put available all kind of agricultural produce towards the purchase of ADB shares if it becomes eminent," he said.

Mr Abayori said if Ghanaians were to draw any lessons from history, they would realize that most diversified companies to full-fledged foreign interest had not been very successful, " through we can boast of a few".

This, he noted was because certain international investors see the vulnerability of the economy and make proposals " claiming to be saviours and in the end these promises do not materialized". The NFFAWAG President however, dismissed the idea that with this argument it meant that farmers and fishermen did not prescribe to private foreign capital or investment, saying, "this was not so and that all that they asked for was, in doing so we must do it to our advantage".

"We welcome any foreign investor that will come and establish an independent Agricultural Development Bank to compete with the current Agricultural Development bank-ADB to the benefit of the Ghanaian farmer. "When such an investor establishes and operates such an Agricultural Development Bank successfully, we the farmers can see their track record of performance in Ghana and will appreciate their effort," Mr Abayori said.