Joe Jackson, CEO of Dalex Finance, has proposed that the government consider abolishing direct agricultural subsidies and instead focus on supporting risk management for the sector.

Mr Jackson explained that the government should implement guarantee schemes to enable financial institutions to fund farmers more effectively.

He cited an example from his company, which provided loans to over 5,000 rice farmers in northern Ghana. Despite the support, many farmers suffered losses, highlighting the need for a more sustainable approach.

"In truth, we should stop subsidising agriculture and subsidise risk," he said. "Give a guarantee scheme so that we can afford to go and fund these farmers, give a guarantee scheme so that some boy can go and fund corn, fund cassava, fund millet and maize and all the things that we need to do for agric, then all of a sudden you will find the money flowing in," he added.