Rufai is a maize farmer in Ghana. Everyday he faces the challenges of climate change, pests and diseases on his farm plots. With the steady increase in agricultural inputs, he runs the risk of losing his crop and source of income to feed his family. He approaches a financial institution, but he is declined as the bank cites that agriculture is very high risk. Rufai, may lose his investment for lack of another.
Undoubtedly, access to financing has been a critical factor in the retardation of growth within the industry; primarily among small scale farmers. The dearth in finance has resulted in many farmers not being able to maximize profit margins and incurring significant losses annually. The increase in cost of agricultural inputs and the unavailability of capital to offset these expenses places the subsistent farmer at a grave disadvantage.
This conference, aims at addressing this issue directly, by bringing key stakeholders within the agri-finance domain to the discussion table here in Brussels. Over the next two days, the conversation will be had on the need for public financing and other initiatives that will reduce the financial gap with the hope that relief is coming soon.