Financial institutions urged to support innovation, sustainability in the Agric sector

Samuel Okang-Boye is the Head of Agribusiness at Stanbic Bank Ghana. He has called on financial institutions in Ghana to rethink agricultural financing.

He urged them to move beyond traditional funding models. Instead, they should adopt strategies that focus on sustainability and innovation. This shift is crucial for ensuring long-term food security in the country.

Mr. Okang-Boye spoke during a recent breakfast meeting hosted by Graphic Business and Stanbic Bank. The event focused on “The Future of Food: The Critical Place of Sustainable Practices.” It brought together key stakeholders from government, private sector, and development organizations.

He noted that climate change and rising costs make traditional financing inadequate. At Stanbic, they are excited about sustainable agriculture solutions. They are not just listening; they are actively implementing these ideas.

Financial institutions must support innovation and sustainability in agriculture, he stated. Mr. Okang-Boye highlighted Stanbic Bank’s investments in modernizing agribusinesses. These include funding for mechanized farming equipment and renewable energy technologies.

He also emphasized the need for collaboration within the financial ecosystem. A collective approach involving banks, insurers, and development partners is essential for impact.

“If we work together, we can achieve greater outcomes,” he said. He used crop insurance as an example of a product that needs scaling to reduce risks for farmers.

Mr. Okang-Boye urged financial institutions to see themselves as catalysts for agricultural transformation. Agriculture is vital to Ghana's economy, he explained.

To build a resilient food system, financial partners must understand the sector deeply. They should be willing to take bold positions and support sustainability at all levels.