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October 19, 2008

Ghanaian agriculture sector not attracting loans

The lingering effects of the world food crisis are taking their toll on small-scale Ghanaian farmers, who are receiving dwindling credit loans from financiers.

Credit loans to the agricultural sector have dropped dramatically over the last ten years. In 1998, 25% of government spending was directed towards agriculture, yet come 2006, this figure had been cut to 7%. Furthermore, lending to agriculture as a percent of total bank lending has decreased from 9.7% to 4.3% over a five-year span.

Similar reductions in credit lending have affected the industrial sector, which has seen their loans decrease from 25% to 12%. President of the Ghana National Association of Poultry farmers, Ken Quartey speculated that perhaps bank and other lending institutions "don't see various policies in place that mitigate the risks of lending” to the agricultural sector.
“If credit is dropping as dramatically as the data shows, then you need to start looking at why.”

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