Financial institutions urged to prioritise sustainable agric financing
The Head of Agribusiness at Stanbic Bank Ghana, Samuel Okang-Boye, is calling on financial institutions to adopt forward-looking strategies that prioritise sustainability, resilience and innovation in agricultural financing.
He explained that agriculture remained the backbone of Ghana’s economy and demanded tailored financial solutions that went beyond traditional short-term lending models.
Therefore, he said, a shift in financing strategies was crucial to building a resilient agri-food system that could withstand external shocks and contribute to long-term national food security.
“Agriculture is the backbone of our economy. To build a resilient and self-sufficient food system, we need financial partners who understand the sector deeply, who are willing to take bold, long-term positions, and who are committed to supporting sustainability at every level,” he said.
The call comes at a time when Ghana, like many African nations, is struggling with issues of climate change and rising food prices, which prompt urgent interventions around food sovereignty and agricultural transformation.
Speaking in an interview on the sidelines of the recent Graphic Business/Stanbic Bank Breakfast Meeting in Accra, Mr Okang-Boye emphasised the critical role financial institutions must play in transforming Ghana’s food systems.
The event was held on the theme: “The Future of Food: The Critical Place of Sustainable Practices”, and brought together key stakeholders from across the government, private sector, and development organisations.
“In the face of climate change, land degradation, and rising input costs, it’s clear that our traditional approaches to financing agriculture are no longer adequate. At Stanbic, we are excited about the ideas and solutions being proposed around sustainable agriculture.
“We are not just listening, we are actively embracing and operationalising them. It’s no longer enough for financial institutions to focus solely on returns from agricultural lending. We must support innovation and sustainability in the sector,” he stated.
Strategic investment
He highlighted the bank’s efforts in this direction, pointing to Stanbic Bank’s strategic investments in targeted financing solutions designed to accelerate the modernisation of agribusinesses.
These include support for the acquisition of mechanised farming equipment, adoption of solar and other renewable energy technologies, greenhouse infrastructure, and efficient irrigation systems – all of which help boost productivity while reducing environmental impact.
Mr Okang-Boye also stressed the importance of broader collaboration within the financial ecosystem.
According to him, a collective approach involving banks, insurance companies, and development partners was essential to achieving scale and impact.
“If we can approach this collectively, as banks, insurers, and development partners, the outcome will be far greater. Take crop insurance, for example, it’s time we develop and scale such products to reduce the risks farmers face and encourage more investment in modern practices,” he said.
He further called for a shift in the role financial institutions play, urging them to see themselves not merely as financiers, but as catalysts and enablers of agricultural transformation.
The Graphic Business/Stanbic Bank Breakfast Meeting, which has become a fixture on Ghana’s thought leadership calendar, continues to provide a vital platform for addressing the country’s socio-economic challenges.
Through such engagements, business leaders, policymakers, researchers and development practitioners are able to share insights, build partnerships, and craft actionable solutions to drive inclusive and sustainable growth.