To boost agricultural and food production in the Binduri district of the Upper East Region, Agole Rural Bank Limited is to invest in the purchase of fertiliser for farmers in the area.
This, the bank said, will help its customers who are mostly farmers to access quality and certified fertiliser to boost their production.
It will also help complement government’s planting for food and jobs initiative, by providing subsidised fertiliser to farmers who contribute to food security and employment in the country.
The bank chairman, Mr. Samuel Amarko, announced this at the stakeholders and shareholders forum held at the bank’s premises at Bazua in the Binduri district.
“Bank lending is the most common source of external finance for many farmers and the Small and Medium Enterprises (SMEs) and entrepreneurs, which are often heavily reliant on straight debt to fulfil their start-up, cash flow and investment needs to grow their business in alleviating the country’s poverty,” he said.
He also assured that the bank will continue to deepen its relationship with all relevant stakeholders, and comply with the necessary regulations which govern its operations.
The representative of Binduri’s District Chief Executive (DCE) Mr. Ayinga Abagre Yakubu – Mr. Moari Joseph Bawumya – said government has the citizens at heart, and will therefore always collaborate with financial institutions to step-up efforts at fostering a diversified financial offer for SMEs and the farmers to improve on their businesses to grow the economy of Ghana.
“Financing for SMEs in the appropriate forms is important at all stages of the business life cycle, in order to enable these firms to start-up, develop and grow, and make contributions to employment, growth and social inclusion,” he stated.
He stressed the there have been bumper harvests for onions and groundnuts, following introduction of the ‘Planting for Food and Jobs’ and fertiliser subsidy by government in ensuring ‘Ghana Beyond Aid’.
The General Manager, Mr. James Acquaye, said the bank will do its best to secure more funds to support petty-trading activities in the area to enhance the lives of people in the area.
According to him, access to financial services can therefore boost job-creation, raise income, reduce vulnerability, and increase investments in human capital.