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17.03.2009 Business & Finance

Stanbic announces $100 million credit facility to farmers

By myjoyonline


The activities of small scale farmers in the country are set to be given a major boost following the announcement of a $100m credit facility by the Standard Bank, Tuesday.

Ghana is among four African countries to benefit from the facility.

A high powered delegation led by the Chief Executive of the bank, Jack Marie, together with the Agriculture Minister, Mr. Kwesi Ahwoi, paid a courtesy call on the President, Prof. John Evans Atta Mills, to announce the package.

Joy correspondent at the presidency, Stephen Anti, said a Memorandum of Understanding is set to be signed on Wednesday to make the money available to farmers.

The package by the bank is perceived as a renewed interest in the development of agriculture in the country.

The bank came under scathing attacks in 2006 from pressure groups and the then opposition NDC, following attempts to own majority shares in the Agriculture Development Bank (ADB) a state owned bank.

With ADB known for its commitment to farmers and the development of agriculture in the country, there were fears the acquisition by Stanbic bank will not be in the interest of the farmers.

The announcement is in fulfillment of the bank's commitment to develop agriculture in the country.

Story by Nathan Gadugah

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