Going for a loan to enter farming is risky - John Dumelo hints

In as much as he encourages the youth to delve into farming and agriculture in general, renowned actor, farmer, and politician, John Dumelo has hinted that taking a loan to do this is a very risky move.

According to him, it is important to know the type of farming one wants to engage in before taking any loan to start the business. This, he said, in an interview with Rev. Erskine on the Y- Leaderboard Series on Y107.9FM.

The farming expert said, “If your repayment is over a period of five years, then you know that you can get the loan and some external sources of servicing the loan”.

Then, at the end of the five years, you know that you’ve been able to grow probably 10acres of coconut which will give you about 2000 or 3000cedis a month, and then you can recoup whatever you invested in”, he continued.

John Dumelo advised that for every crop, there are certain insects that may come in and destroy the crops, which could cause huge loses, hence it is best to start small when venturing into farming, as it can be very dicey.