Ghanaian exporters are demanding single-digit interest rates for the horticulture sector. This measure aims to significantly boost the industry's economic contribution. The sector currently generates GHS 5 billion in revenue.
Davis Korboe, President of the Federation of Association of Ghanaian Exporters, made this call. He highlighted that affordable financing is crucial for agribusinesses. High lending rates prevent businesses from expanding production and investing in new technology. This makes it difficult to meet international market demands.
This initiative fits into Ghana's broader economic strategy to diversify exports. The horticulture sector has immense potential to create jobs and earn foreign exchange. Ghana aims to move beyond traditional exports like cocoa and gold. This focus on non-traditional exports is vital for sustainable growth. The government has previously supported agricultural initiatives to improve productivity and market access.
Mr. Korboe emphasized the need for these reforms at a press soirée. The event launched the 2026 Ghana Horticulture Expo. He stated, “Financing is a cross cutting issue, the key reforms we are looking at is creating a single digit interest rate for the sector to help enhance value addition.” This statement underscores the urgency of the demand.
The push for lower interest rates will likely influence policy discussions. Decision-makers at the Bank of Ghana and the Ministry of Finance will consider these proposals. The success of the horticulture sector could attract more foreign direct investment. It could also improve Ghana's trade balance. Stakeholders will closely watch the outcomes of the 2026 Ghana Horticulture Expo for further developments. The Ghana Incentive-Based Risk-Sharing System for Agricultural Lending (GIRSAL) has already committed to de-risking lending in this sector.
The horticulture industry contributes GHS 5 billion to Ghana's economy. This figure represents a significant but expandable portion of national output. Experts believe the sector can grow much larger with proper support. Access to affordable credit is a primary barrier to this expansion. Many businesses struggle to secure loans at reasonable rates. This limits their ability to upgrade equipment or increase farm sizes.
The 2026 Ghana Horticulture Expo will serve as a critical platform. It will bring together farmers, exporters, and investors. They will discuss challenges like financing, infrastructure, and market access. Addressing these issues is essential for the sector's future. Increased competitiveness will allow Ghanaian products to compete globally. This will ultimately benefit the national economy through higher export earnings.
Samuel Yeboah, Chief Operating Officer of GIRSAL, reiterated his institution's commitment. GIRSAL aims to reduce the risks associated with lending to agricultural businesses. This support is vital for banks to feel more confident in providing loans. Such partnerships between government agencies and industry are key. They help unlock the full potential of critical economic sectors. The long-term goal is to create a robust and self-sustaining horticulture industry.