Former president John Dramani Mahama has called on the government to invest in farmers and farming-related businesses in the country.

In a Facebook post to celebrate farmers, he said this will aid in reviving the economy, particularly when the country is experiencing financial crisis.

“I urge government to prioritise agribusiness and support with favourable financing for farmers and all actors in the agricultural value chain," he noted.

He argued that, given the downgrades by International Rating Agencies, it is appropriate for the government to fund farmers and agriculture.

“With Ghana’s economy at the brink of collapse, as proven by Rating Agencies through their unending downgrades, and the hardship it has brought to many homes, this is the time for government to begin to take farmers and farming-related businesses seriously. The surest way we can reduce imports, strengthen the struggling cedi, and save Ghana's economy,” he added.

Moody's Investors Service reduced Ghana's credit rating further into junk status due to the possibility that private creditors will endure significant losses during the government's proposal.

In a statement issued on Tuesday, Moody's said that the country's credit rating has been downgraded by two stages to Ca, the second-lowest rating.

“The Ca rating reflects Moody’s expectation that private creditors will likely incur substantial losses in the restructuring of both local and foreign currencies debts planned by the government as part of its 2023 budget proposed to Parliament on 24 November 2022. Given Ghana’s high government debt burden and the debt structure, it is likely there will be substantial losses on both categories of debt in order for the government to meaningfully improve debt sustainability,” Analysts Lucie Villa and Marie Diron wrote in the statement.

Meanwhile, President Akufo-Addo has pledged to uphold Ghana's agriculture industry as one of his top priorities.

Speaking at the 2022 National Farmers’ Day celebrations on Friday, December 2, he said his administration has so far made a significant number of investments in the industry to assist him in achieving his objectives.

“Agriculture will continue to remain a top priority of my government. The massive investments made in the sector attest to this fact. The positive narrative about the government's support to the agriculture sector is that, unlike several other countries.

“Ghana is better prepared, and has demonstrated resilience to the current adversities threatening to destabilise our food systems. This has been possible because of the sound, pragmatic policies and programmes rolled out at the inception of my stewardship,” he added.

On Friday, December 2, all 16 regions participated in the commemoration of National Farmers Day which took place in Koforidua, Eastern Region.

Farmers were recognized at the ceremonies with awards for their steadfast efforts over the years in advancing agriculture in the nation.

Source: The Independent Ghana