President John Dramani Mahama has reiterated the need for agricultural financing in Ghana to be offered at single-digit interest rates, arguing that affordable credit is essential for boosting food production and protecting farmers from crippling debt.

Speaking at the 41st National Farmers’ Day Celebration in Ho on Friday, December 5, President Mahama said high-interest loans remain one of the biggest obstacles facing farmers, many of whom end up “working for the banks instead of working for themselves.”

According to him, farmers who borrow at prohibitive rates often lose most of their profits to loan repayments, undermining their ability to expand, invest in modern tools, or ensure stable income for their families.

“We must provide credit at single-digit rates so our farmers can grow to feed Ghana,” he stressed.

“Farmers should not be taking loans only to end up using all their profits to repay the banks.”

President Mahama emphasised that improved access to affordable financing would enhance productivity, strengthen food security, and encourage more young people to enter the agricultural sector.

He reaffirmed his administration’s commitment to supporting farmers through policies that reduce production costs, expand irrigation and mechanisation, improve market access, and modernise the agricultural value chain.