As the country marks 2025 Farmers’ Day today, Ghanaian farmers have a wish: a single-digit interest rate on farming loans.
The Concerned Farmers Association of Ghana believes such a feat will drastically transform the country’s food systems and enhance its food security.
President of the Association, Nana Oboadie Boateng Bonsu, is leading the campaign for the government to intervene and reduce interest rates on agricultural loans to 2 percent for all registered farmers.
Although the country is celebrating the efforts and contributions of farmers today, the concerned farmers say they are not happy with the current rate of interest in farming loans.
They say the current lending rates, which range between 22% and 33%, are simply too high and exploitative for farmers to survive, let alone expand production.
He noted that with such steep borrowing costs, many farmers struggle to buy inputs, invest in irrigation, or adopt improved seeds and technologies that can increase yields.
He explained that a single-digit interest rate, especially the proposed 2%, would allow farmers to operate more efficiently and scale up efforts under initiatives like Feed Ghana, Eat Ghana. According to him, cheaper credit would boost local production, reduce reliance on imports, and help stabilize food prices for consumers.
“We want a single-digit interest rate, which is 2%, to support farming activities. ..Interest rates are almost 33%, 22%, and 28%,” he noted.
He believes that with accessible credit, farmers can increase output, revive dying local varieties, and provide the country with healthier, fresher, and more reliable food supplies.
As the nation celebrates its farmers today, the Association says the best gift government can offer is a financing system that empowers them, not one that keeps them struggling under high-interest debt.
