President John Dramani Mahama has announced plans to revamp the Ghana Export-Import Bank (GEXIM) to drive forward the country’s agricultural sector.
Speaking at the launch of the “Feed Ghana Programme” in Techiman, Bono East Region, Mahama emphasized the need for innovative agricultural financing solutions.
Mahama highlighted that financing remains a significant obstacle to agricultural investment, stating, “Financing remains one of the key barriers to agricultural investment. To address this, the Exim Bank will be refocused to offer concessional loans to farmers and agricultural enterprises, especially those involved in export and value addition.”
This initiative aims to increase agricultural production, enhance food security and create jobs for the youth.
To support this endeavor, the government will establish agro-processing zones equipped with essential infrastructure such as irrigation systems, roads, power supply and warehousing facilities.
These zones will attract private investment and facilitate the processing of agricultural produce, thereby adding value to Ghana’s exports.
The “Feed Ghana Programme” is a comprehensive initiative designed to boost agricultural production, provide raw materials for agro-processing factories and create employment opportunities.
The program encompasses various sub-projects focused on vegetables, grains, poultry, oil palm, tubers and other import Notably,by reducing reliance on imports, Ghana can transition into an export-driven economy.
Acting Chief Executive of GEXIM, Hon. Sylvester Mensah, expressed the bank’s readiness to support the “Feed Ghana Programme”, aligning with its priorities of increasing food production, promoting agro-processing and investing in high job creation projects.
This partnership underscores GEXIM’s commitment to breaking financial constraints for Small and Medium-sized Enterprises (SMEs) through concessional loans and grants, potentially at a concessionary interest rate of around 9% per annum.
