Ghanaian agribusinesses need patient financing and targeted government support to grow into sustainable enterprises. This is according to Solomon Armah Benjamin, President of the Pineapple Exporters Association of Ghana.
Mr. Benjamin stated agriculture requires a financing model that reflects the long-term nature of investments in the sector. Many financial institutions apply conventional lending models seeking quick returns. This makes it difficult for agribusinesses to secure necessary funding for growth and expansion.
This issue fits into Ghana’s broader economic challenge of diversifying its economy and boosting export earnings. Agriculture contributes significantly to Ghana’s Gross Domestic Product (GDP) and employment. The sector struggles with capital access, limiting its potential for modernization and increased productivity. Supporting agribusiness aligns with national goals for food security and industrialization.
“We must approach things differently. And then we must give farmers patient capital,” Mr. Benjamin said. Investments like irrigation systems require substantial capital outlays and can take years to generate returns. These investments remain essential for improving productivity and building resilience in agricultural operations.
He drew from his experience in coconut farming, noting affordable long-term financing remains a major challenge. “We have a huge coconut plantation. One thing that is required is irrigation. Now, the amount of money required to do irrigation is huge, but over time it can pay off. But no bank is willing,” he lamented.
Beyond financing, Mr. Benjamin called for deliberate government policies to nurture strategic sectors. These policies should support industries until they become strong and self-sustaining. He argued that promising businesses often struggle not due to flaws, but because critical interventions arrive too late.
“Government must show its head and take certain decisions. We want to support Sector A, Sector B, Sector C until they are standing and standing properly,” he explained. Delayed interventions can allow manageable challenges to escalate into business failures. This perspective highlights the need for proactive rather than reactive government support.
His remarks come amidst growing calls for innovative financing solutions and stronger public-private collaboration. These efforts aim to unlock the full potential of Ghana’s agribusiness sector. Industry players consistently identify affordable capital, infrastructure deficits, and limited long-term financing as key barriers.
Addressing these challenges through patient capital and proactive government support could significantly strengthen the sector’s contribution. This includes boosting employment creation, increasing exports, and fostering overall economic development. Future policy decisions regarding agricultural subsidies, credit schemes, and investment incentives will be crucial.