Decrease Interest Rate to 10% for Rice Farmers – Ghana Rice Inter-professional Body

President of the Ghana Rice Inter-professional Body (GRIB) Nana Kwabena Adjei Ayeh II is calling on the government to get commercial banks to reduce the interest on borrowing to 10% for rice farmers across the country. Currently, the rate is between 26 and 32% per annum.

He said the rate is too high and frightening for rice farmers who are badly in need of loans to upscale production and upgrade farming infrastructure. He attributed rice to be a unique food commodity in Ghana which deserves special attention.

“Soft loans can help boost our farms’ value, make our business more efficient, and improve our products,” Nana Ayeh observed.

“Rice is one of the staple food commodities in Ghana and is used to prepare different kinds of dishes. It is usually the dominant food on the menu of most homes, restaurants, and roadside eateries in the county,” he added.

Nana Ayeh was speaking at GRIB’s national value chain engagement session and annual general meeting in Accra. The association’s membership includes rice farmers, aggregators, marketers, and consumers.

Nana Ayeh urged the newly elected executives to work hard for the benefit of rice farmers. “Our mandate is to promote local rice which we call the Ghana Rice,” he stated.

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