Reduce Interest Rate on Borrowing to 10% for Rice Farmers – President of GRIB
President of the Ghana Rice Inter – professional Body (GRIB) Nana Kwabena Adjei Ayeh II is calling on 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 says this rate is too high and frightening for rice farmers who are badly in need of loans to expand their businesses and upgrade farming infrastructure. He says rice deserves special attention because of its unique role in Ghana’s food value chain.
“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 foods in Ghana and is used to prepare different kind of dishes. It is usually the dominant food on the menu of most restaurants and roadside eateries in the county,” he emphasized.
Nana Ayeh was speaking at GRIB’s national value chain engagement session and annual general meeting in Accra to elect new executives. The association’s membership includes rice farmers, aggregators, marketers, and consumers.
Nana Ayeh was re-elected unopposed after winning all 39 valid votes cast in the presidential election. Mr. Dennis Obeng Adjei was elected Vice President, whiles Mr. David Yaw Mensah was elected as GRIB’s Financial Secretary in the polls which was supervised by the Electoral Commission.The executives will steer affairs of the association for the next three years.
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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